General

Import and export data shows that China is still an important market for Vietnamese goods! According to import and export data from the Vietnamese Ministry of Industry and Trade, Vietnam's exports to China reached 16.4 billion US dollars in the first four months of 2023, a decrease of 7.9%. However, China remains Vietnam's second largest commodity export market and the largest market for Vietnamese agricultural products.

Import and export data shows that in terms of imports, China is Vietnam's largest commodity import market, with an import volume of 33.2 billion US dollars. However, according to import and export data, this number has also decreased by 13.4% compared to the same period last year.

Although there has been a decrease, in the context of trade difficulties, compared to many other markets, China remains the main export market for Vietnamese goods.

According to import and export data, Vietnam's export volume to China will improve to some extent in the second quarter of 2023. However, China is no longer the simple market it used to be, and not all goods can be accepted by the Chinese market today.

The Vietnamese Ministry of Industry and Trade pointed out that the Chinese economy is developing towards high-quality growth. This means that China has and will continue to put forward higher requirements for import and export product standards.

This is an inevitable and irreversible trend that requires changes and adaptation from Vietnamese and even global commodity manufacturers and exporters.

In the future, in order to restore and sustainably develop export activities to the Chinese market, the Vietnamese Ministry of Industry and Trade suggests that enterprises, especially those producing and exporting agricultural products and food, should focus on research and complete registration procedures as early as possible before exporting agricultural products and food to the Chinese market.

At the same time, coordinate with Chinese partners to diversify the export routes of goods through border ports, avoiding concentration at certain border ports or using sea and Vietnam China intermodal railway transportation. Minimize the risk of congestion at border ports during peak seasons as much as possible.

In addition, it is necessary to increase the participation in international expos and exhibitions jointly organized by various local and central institutions of the two countries, in order to strengthen direct communication after the epidemic.

In the future, the Ministry of Industry and Trade will also hold multiple large-scale trade promotion activities in the Chinese market, among which the Asia Africa Market Department will have some activities targeting traditional markets (i.e. Guangxi) and new markets (Shandong, Hebei). This is an opportunity for Vietnamese companies to expand their market.