Vietnam Emerges as China's 6th Largest Trading Partner Globally

Vietnam's Minister of Planning and Investment Nguyen Chi Dung discussed with Mr. Wang Wentao, China's Minister of Commerce to foster healthy and sustainable economic relations during a bilateral business mission to Beijing and Shanghai from March 29-30.

China has long stood as Vietnam's foremost trading partner, with bilateral trade soaring to approximately $172 billion by 2023. As the result, Vietnam claims the title of China's largest trading partner within ASEAN and the world's 6th largest overall.

Minister Dung highlighted the substantial presence of Chinese investment capital in Vietnam, with 4,418 projects valued at over $27.6 billion, ranking China 6th among 145 investing countries and territories. Particularly noteworthy, Mr. Dung said, is the surge in Chinese investment, peaking at $4.5 billion in 2023, an almost 80% increase from the previous year.

The discussions also focused on trade infrastructure, with plans underway to link standard gauge railways across the border, facilitating smoother economic and trade cooperation between the two nations. Minister Dung urged China to share insights into innovative economic models and policies to further enhance collaboration.

Echoing Vietnam's commitment to welcoming Chinese investment, Minister Wang Wentao of China's Ministry of Commerce expressed interest in expanding production and supply chain cooperation, particularly in emerging sectors such as new energy.

Furthermore, Minister Wang outlined China's intention to bolster imports from Vietnam to address trade imbalances, while exploring avenues for joint investment in green development and the digital economy.

Amidst discussions, both ministers delved into various areas of mutual interest, including trade cooperation, investment, and infrastructure development.