Vietnam now China's top ASEAN trading partner

Vietnam's exports to China amounted to over $61 billion, an increase of $3.5 billion and up 6.4 per cent compared to 2022. Among these, there were 12 export commodity groups with a turnover of over $1 billion each.

Vietnam currently exports durian to more than 20 markets, but its durian exports to China account for 99 per cent of total export turnover. (Photo: VNA)

The growth in exports to China stands out amidst the decline in exports to most major markets.

In the first quarter of this year, Vietnam-China bilateral trade continued its growth trajectory, reaching over $42 billion. Vietnam exported almost $12.7 billion to China, up a little over 5 per cent on-year, compared to an approximately 10 per cent decrease in the same period of 2023. Imports from China reached $29.4 billion, up more than 24 per cent on-year.

According to Chinese customs data, two-way trade reached almost $230 billion last year, with Vietnam's exports to China increasing by 4.8 per cent.

China is also the second-largest export market for Vietnam, while Vietnam is China's largest trading partner in ASEAN and the fifth largest globally, after the United States, Japan, South Korea, and Russia.

Vietnam's agricultural products, particularly fruits and vegetables, are highly regarded and China has been increasing its agricultural imports from Vietnam.

Chinese leaders are considering importing many more types of agricultural and aquatic products from Vietnam, including fresh coconut, frozen fruits and vegetables, pitted fruits, avocado, banana, and lychee. Other items such as traditional medicinal herbs, beef, pork, and poultry are also being facilitated for import.

Last year, Vietnam's fruit and vegetable exports to China increased by almost 140 per cent, accounting for 65 per cent of Vietnam's total fruit and vegetable export turnover. Among these, durian exports reached nearly 500,000 tonnes, with a total value of $2.1 billion.

It is forecasted that Vietnam's exports, especially of fruits and vegetables to China, will continue to show growth for the rest of 2024.

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