Vietnam-China trade projected to increase and hit US$200 bln

Vietnam's Ministry of Industry and Trade (MoIT) reported that bilateral trade between Vietnam and China witnessed strong recovery in the first half of 2024, hitting nearly US$95 billion.

Dirven by such strong improvement, the bilateral trade between two countries is expected to approximate and even exceed US$200 billion this year, the VietnamPlus reported.

As the orders from big export markets has increased sharply during in the first two quarters, there was higher demand for machinery and material imports to serve production, the report said.

Vietnamese businesses spent US$67 billion on imports from China and raked in US$27.8 billion from exports to this market, respectively rising nearly 35% and 5.3% year-on-year.

The 12th meeting of the China-Vietnam Economic and Trade Cooperation Committee was held in Vietnam last year. (Source: Ministry of Commerce, PRC)

According to the MoIT, China remains the biggest supplier of materials for Vietnam, accounting for nearly 37.6% of the country's total import value in the last six months.

In 2023, the Vietnam-China trade turnover reached US$171.9 billion. Of the figure, Vietnam’s exports and imports stood at US$61.2 billion (up 5.6%) and US$110.6 billion (down 6.6%) respectively, making up 17.3% and 33.9% of the country’s total exports and imports.