Import-Export China – Vietnam’s largest market
Import and export China – Vietnam’s largest market with the second largest GDP in the world
Why is China the largest import and export market of Vietnam?
Why is it said that China’s import and export is considered the largest market of Vietnam? To answer this question, please follow us below the following article
China is a market with a large total import and export turnover of Vietnam’s goods. Specifically, in September 2022, the turnover has reached more than 132.38 billion USD, accounting for over 23.7%.
This figure is quite far higher than the second largest markets such as the US reaching 96.32 billion USD, South Korea 66.8 billion USD, Japan 35.69 billion USD.
The total import-export turnover of Vietnam to China compared to the same period last year, although it increased lower than the overall growth rate of the whole country, but the absolute increase still accounted for a relatively high proportion of the total rate of the whole country.
Thus, in terms of input when importing raw materials, fuel, etc. and the output is exporting, China is still one of the most important markets in Vietnam’s import and export.
The two-way trade relationship between Vietnam and China has grown well
According to data from the General Department of Customs, the two-way relationship between Vietnam and China from 2021 has reached more than 165.8 billion USD, up 24.6% over the previous year.
In particular, the amount of China’s import and export of Vietnam has reached over 56 billion USD, up 14.5% compared to 2020. Based on this result, China is still a big and important partner in the import and export of Vietnam’s goods.
In contrast, Vietnam is also China’s largest trading partner in Asean and China’s sixth largest trading partner in the world after the US, Japan, Korea, Germany and Australia.
Currently, there are many groups of goods imported and exported from Vietnam to China with a turnover of more than 1 billion USD, one of which is phones and components, followed by many groups of agricultural, forestry and fishery products.
Many Vietnamese goods have great opportunities in China
Import and export China – Vietnam’s big market because this is where many Vietnamese agricultural products are consumed. In which, seafood, vegetables, cashew nuts, coffee, tea, rubber… have a turnover of more than 1 billion USD.
Based on survey information from the Association of Seafood Exporters and Producers, Vietnam is currently the exclusive distributor of frozen pangasius in the Chinese market. At the same time, the import and export of China will also increase in the near future. This will be a great opportunity for many businesses in 2023.
Especially in the months of the first quarter of 2022 when the demand of this market is still high by supporting the purchasing power from the consumption demand of the Chinese people during the Lunar New Year.
According to information from the Ministry of Industry and Trade, items such as rubber are also imported and exported to China in large quantities in 2021, reaching a value of 1.39 million tons, worth 2.28 billion USD, up 2.5% in volume and 24.9% in value compared to 2020, accounting for 71.4% in volume and 69.7% in value of the country’s total rubber exports.
Leaders in the ASEAN bloc, including Vietnam, have signed with China the Comprehensive Economic Cooperation Framework Agreement between China and Vietnam.
More specifically, the FTA free trade area was officially put into operation on January 1, 2010. This will be a golden opportunity for many Vietnamese products to boost exports to China.
Specifically, commodities such as: natural rubber, coffee, tea, pepper, cashew, rice, wire and cable, footwear, seafood, textiles, vegetables, wood, plastic, animal and vegetable oils, cassava chips, starch, confectionery and cereal products,…
There are also resources and minerals that are input materials for manufacturing industries that China always needs to import.
The next big plan is to propose with the Chinese market to establish an investment and credit support fund for ASEAN countries with a value of more than 10 billion dong. Support countries in the region to respond to the global financial crisis or future economic difficulties.
China also pledged to provide up to $15 billion in loans to provide low-interest loans to ASEAN to help develop trade mechanisms and improve transport and telecommunications systems.
From the above information, we can see that the amount of Chinese imports and exports of Vietnam is increasing, worthy of being the number one market of Vietnam.