Two-way trade between Vietnam and China expected to exceed $200 bln this year

According to a recent report from the Ministry of Industry and Trade, two-way trade between Vietnam and China expected to exceed $200 bln this year.

The expectation is driven by strong import and export improvement seen in the first half of this year, reaching nearly $95 billion.

The ministry reported that the orders from big markets have increased strongly during the first half, leading to higher demand for machinery and material imports in service of export.  Vietnam has therefore spent $67 billion on imports from China and raked in $27.8 billion from exports to this market, rising nearly 35% and 5.3% year-on-year, respectively.

China remains the biggest supplier of materials for Vietnam, accounting for nearly 37.6% of the country's total import value in the first half, according to the MoIT.

Thanks to such strong trade improvement in the first two quarters of 2024, the two countries’ bilateral trade is forecast to approximate $200 billion this year, the ministry said, adding that the figure can reach $190 billion if the growth rate keeps up with new developments during the second half of the year, and even top $200 billion if better recovery is recorded.

Last year, the two-way trade turnover between Vietnam and China reached $171.9 billion. Of the figure, export value from Vietnam stood at $61.2 billion (up 5.6% year-on- year), while import turnover from China reached $110.6 billion (down 6.6% year-on-year), thus making Vietnam’s total exports and imports up 17.3% and 33.9% year-on-year, respectively.