Vietnam-China trade enjoys strong growth in 2021

Bilateral trade between Vietnam and China still recorded strong growth in 2021, despite the negative impacts of COVID-19 on global trade, according to Vietnamese commercial counsellor in China Nong Duc Lai.

The Vietnamese trade mission in China looks for logistics and trade cooperation opportunities in China’s Hunan Province.
The Vietnamese trade mission in China looks for logistics and trade cooperation opportunities in China’s Hunan Province.

He cited data from Vietnam’s customs, stating that two-way trade reached 165.8 billion USD in 2021, up 33.5% from a year earlier, while data according to China’s customs showed that bilateral trade exceeded the 200 billion USD mark for the first time, reaching 230.2 billion USD, up 19.7% from 2020.

With such figures, China continues to be Vietnam’s largest trading partner and second largest export market, while Vietnam was China’s largest trading partner in ASEAN and its sixth largest trading partner in the world.

According to Lai, the bright spot for bilateral trade in 2021 was the high growth rate of 33.5% according Vietnam’s statistics and 20% according to China’s data.

These figures demonstrate the stability in trade between Vietnam and China despite the difficulties due to coronavirus restrictions over the past few years.