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Thursday, July 25, 2024

Vietnam-China trade exceeds US$100 billion in Jan-Aug

The Saigon Times

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HCMC – Vietnam’s trade with China in the first eight months of the year reached an all-time high of US$103.92 billion, according to the Ministry of Industry and Trade.

During this eight-month period, China was Vietnam’s second-largest export market with total revenue of US$35.79 billion, up 0.1% year-on-year.

At the same time, Vietnam imported US$68.13 billion worth of goods from China, a 17% decrease compared to the same period last year. Still, China continued to maintain its position as Vietnam’s largest source of imports.

Bilateral trade maintained average monthly revenue of US$10 billion between January and May.

The Chinese authorities have recently approved an additional 129 durian growing area codes and 38 durian packaging facilities, according to the Vietnam Trade Office in Beijing.

Various seafood industry codes have also been granted to Vietnamese businesses, a move expected to bolster trading activities in the local agricultural and seafood sectors.

China remained the primary purchaser of Vietnamese fruits and vegetables, accounting for 65% of the total export revenue of US$2.3 billion between January and August.

China is also a vital market for several export staples of Vietnam, including phones and components, computers, electronics, machinery, and equipment, among others.

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