In the January – November period, goods trade between the two countries was estimated at 1.45 trillion CNY, up 3.6% year-on-year, accounting for 25% of China's total trade with ASEAN.
Notably, bilateral trade hit a monthly record high of 161.92 billion CNY in November alone, an increase of 12.5% year-on-year.
Vietnam – China bilateral trade continues to develop fruitfully as Vietnam has remained China's largest trading partner among ASEAN since 2016.
In recent years, the bilateral cooperation in industrial and supply chains has become increasingly close.
In the first 11 months of this year, the import and export of intermediate goods reached 1.01 trillion CNY, amounting to 69.8% of China-Vietnam trade during the period.
The two countries still have vast space to boost cooperation in the agricultural sector. In the first 11 months of 2023, China imported 44.62 billion CNY of Vietnamese agricultural products, an increase of 20.3% from last year.
Meanwhile, Chinese vegetables and temperate fruits are also welcomed by the Vietnamese market. China exported 34.31 billion CNY of agricultural products to Vietnam during the reviewed period, up 3.1% yearly.
According to the Chinese General Administration of Customs, economic recovery after the pandemic has stimulated the recovery of border trade.
In the first 11 months of 2023, informal cross-border trade between China and Vietnam reached 118.58 trillion CNY, an increase of 35.1% year-on-year, contributing 2.2% to the total bilateral import-export turnover growth rate.
In particular, border trade between the two Chinese localities of Guangxi and Yunnan with Vietnam recovered quickly, up 34.4% and 65.6%, respectively.
