General

According to import and export data, the total import and export volume between Vietnam and China reached 61.5 billion US dollars in the first five months of 2023, a decrease of 14.5% compared to 2022. Import and export data shows that Vietnam's export value to China is 20.3 billion US dollars, a decrease of 6.8% compared to the same period in 2022.

China has been Vietnam's largest trading partner for many consecutive years, while Vietnam is China's largest partner in ASEAN. In trade relations, there is strong complementarity in the structure of imports and exports between the two countries. There are many factors that promote the increasing development of economic relations between the two countries. Therefore, the official visit of Fan Mingzheng, the Government of Vietnam, to China from June 25 to 28 will help to continue to consolidate, expand and improve the effectiveness of bilateral cooperation in many fields, including economic and trade cooperation.

According to import and export data, in 2022, the total bilateral trade between Vietnam and China reached 175.6 billion US dollars, accounting for 24% of Vietnam's total import and export volume in 2022.

It is worth mentioning that Vietnam's exports to China account for 15% of Vietnam's total exports to the world. According to import and export data, Vietnam's imports from China reached 41.2 billion US dollars, a decrease of 17.9% compared to the same period in 2022.

Vietnam's imports from China account for 32.8% of its total imports from the world. In addition, according to import and export data, Vietnam's trade deficit with China reached 20.8 billion US dollars, a year-on-year decrease of 26.5%.

Chen Guanghui, Director of the Asia and Africa Markets Department, emphasized that Vietnam's export activities to the Chinese market also face many challenges. For example, the Chinese market continues to increase its requirements for imported and exported products; Some countries around the world, such as the United States, the Netherlands, and Japan, have implemented trade restrictions on Chinese semiconductor products, which has long faced technological separation risks in electronic equipment manufacturing and may directly affect Vietnam's total exports to China and other countries.

Liang Wencai, a business representative of the Commercial Department of the Vietnamese Embassy in China, stated that the State Council of China has recently issued the "Opinions on Promoting the Stability, Scale and Structure of Foreign Trade"; Among them, the "Measures for the Administration of Border Trade" have been revised to create a convenient environment for diversifying border trade and increasing imports from neighboring countries.

In response to the challenges faced, the representative of the Commercial Department of the Vietnamese Embassy in China proposed many solutions to help Vietnamese enterprises overcome difficulties and promote exports. Vegetable and fruit enterprises consider the possibility of investment cooperation with Chinese enterprises in the field of vegetable and fruit processing, improve export value and catch up with the Market trend.

Each enterprise should further improve the quality of its products, conscientiously implement food safety inspection measures and packaging regulations, enhance product competitiveness, and improve packaging design to adapt to the taste of consumers in the Chinese market.

Li Guangzhong, Vice Chairman of the Vietnam Logistics Service Enterprise Association, suggested that relevant departments establish clearance centers at border ports to quickly solve problems that arise during the clearance process, shorten clearance time, and accelerate the smooth transportation of goods.

Chen Guozan, Deputy Director of the Import and Export Bureau of the Ministry of Industry and Trade, stated that the Ministry of Industry and Trade recommends that local governments and enterprises actively observe market conditions, adjust the quantity of imported goods based on customs clearance capabilities, and avoid cargo congestion.

In addition, follow the guidelines of the Food and Agriculture Organization of the United Nations (FAO) and the World Health Organization (WHO) to ensure epidemic prevention and safety in breeding, cultivation, procurement, packaging, processing, transportation, and export.

The Ministry of Industry and Trade recommends that all regions and enterprises fully meet China's requirements for food origin, quarantine, and safety.

In the long run, the Ministry of Industry and Trade suggests that enterprises quickly shift to regular trade exports in accordance with international trade principles to ensure the stability and sustainability of imports and exports. Minister of Industry and Trade Ruan Hongyan suggested that the opportunities and challenges in the Chinese market should be correctly identified and evaluated, in order to explore and leverage the advantages of bilateral economic and trade cooperation.

In addition, enterprises should change their production methods towards safety, meet China's new traceability requirements, and promote exports to the Chinese market.