VN, China trade turnover reaches US$100 billion in ten months
VGP - China has retained its position as Viet Nam's largest trading partner and its first largest export market to reach US$100 billion in terms of bilateral trade turnover, with this figure being achieved by the end of October, according to data released by the General Department of Viet Nam Customs.
October alone witnessed Viet Nam’s total export turnover to the northern neighbour reached approximately US$5.5 billion, bringing total turnover throughout the ten-month period to over US$37.9 billion, with ten commodity groups exceeding US$1 billion in revenue each.
Furthermore, the nation spent US$8 billion on imports from China in October, bringing total import value from the Chinese market to more than US$65.6 billion during the opening ten months of the year.
Notably, Viet Nam-China trade revenues were maintained and indeed expanded in the early months of 2020 despite the COVID-19 pandemic.
As a means of facilitating the export of goods to China, the Ministry of Industry and Trade (MoIT) has simplified administrative procedures, made institutional reforms, and improved the investment climate in order to reduce costs for businesses.
Moreover, the MoIT has also enhanced online public services, deployed a national single-window mechanism, and co-ordinated alongside relevant agencies to assess China’s import needs, with a specific focus on a number of major export items.
The MoIT has also moved to open a trade promotion office in the localities of Hangzhou and Zhejiang in an effort to strengthen connectivity for Chinese businesses who are seeking business opportunities with local firms.
According to the Ministry of Commerce of China, it would coordinate with the relevant ministries, branches and localities in China to study and implement Viet Nam's recommendations while promptly resolving existing issues in bilateral trade relations.
The Chinese side also proposed several issues related to bilateral trade cooperation including Viet Nam’s support for Chinese experts and investors to enter Viet Nam, the acceleration of the handover progress of the Cat Linh – Ha Dong urban railway project, and others.
China continues to be the largest trade partner of Viet Nam and Viet Nam has become the seventh largest trading partner of China./.
By Vien Nhu
