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Tuesday, July 23, 2024

Vietnam’s exports to China gradually recover

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HCMC – Due to positive signs apparent in China’s Covid-19 infection prevention efforts, its demand for goods from Vietnam is expected to soar, following the 22.1% year-on-year increase in Vietnam’s exports to China over the past four months, according to the Ministry of Industry and Trade.

Data from the ministry indicated that Vietnam shipped US$12.7 billion worth of goods to China in the four months.

China was Vietnam’s second largest goods consumer with a market share of 15.7%, after the United States, which boasted a market share of 24.9%, according to the data.

Meanwhile, Vietnam spent US$22.3 billion buying goods from China during the four-month period, inching down 1.6% year-on-year. China remained the country’s largest goods supplier, with imports from China accounting for 28.7% of the country’s total import turnover.

Over the past four months, Vietnam’s trade deficit with China shrank to US$9.7 billion against the figure of over US$12 billion seen in the January-April period of 2019, VietnamPlus news site reported.

The reopening of some border gates between Vietnam and China has driven up bilateral trade, stated the ministry.

Amid the spread of the coronavirus, online trade promotions have been launched, creating more opportunities for Vietnamese firms to do business with foreign enterprises and to diversify their export markets.

On April 21, the Trade Promotion Department, under the ministry, cooperated with the Guangxi authorities to hold the Vietnam-China online trade conference in Guangxi, China. The conference attracted more than 150 enterprises, including 35 Vietnamese firms.

To remove obstacles facing exporters, the Ministry of Industry and Trade also proposed the Government allow the resumption of import-export activities at border gates between China and Vietnam, so the Binh Nghi, Na Nua, Na Hinh and Po Nhung border gates were reopened.

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