Vietnam and China have seen positive developments in trade and economic relations over the past time.
Vietnam and China have seen positive developments in trade and economic relations over the past time.
A garment factory in Vietnam (Illustrative photo: VNA)
Besides increasing bilateral trade, Vietnam has continuously been an attractive investment destination for Chinese businesses.
Le Hoang Oanh, Director of the Asia and Africa Markets Department under the Ministry of Industry and Trade, described Vietnam and China as dynamic economies.
The two countries have been able to maintain rapid economic growth in recent years, she said.
Along with the building of bilateral comprehensive strategic cooperative partnership, the regular exchange of visits between Vietnamese and Chinese leaders have created an environment for sound and stable political cooperation, thus laying an important foundation for the bilateral trade development.
Since 2004, China has been the biggest trade partner of Vietnam with two-way trade growing vigorously.
China is now the second largest export market of Vietnam in the world, after the US, while Vietnam is the biggest trade partner of China in ASEAN.
According to the Ministry of Industry and Trade, two-way trade reached 106.7 billion USD in 2018, a year-on-year rise of 13.5 percent.
Vietnam exported 41.26 billion USD worth of goods, up 16.56 percent.
China mainly imports farm produce and seafood from Vietnam.
To boost exports to China, Vietnamese businesses should take China as a key market and carefully study the market demand, Oanh suggested.
Domestic enterprises should also create key aquatic and agricultural products ensuring the market’s requirements on quality, testing, quarantine, trace of the goods, packaging and labelling, she added.
The small-scale unofficial export by a number of enterprises is causing difficulties to the management of the quality of exports, thus negatively affecting the sustainable export to China, the official said, advising that in order to boost export to China, Vietnamese firms should not take China as an easy market.
