The Việt Nam-China trade relationship has seen strong development. China is now Việt Nam’s key export market and its biggest trade partner. — Photo baodauthau.vn

HÀ NỘI — The Việt Nam-China trade relationship has seen strong development. China is now Việt Nam’s key export market and its biggest trade partner, said Bùi Huy Sơn, director of the Việt Nam Trade Promotion Agency under the Ministry of Industry and Trade.

Sơn told a conference to help businesses of the two countries search for co-operation opportunities held in Hà Nội yesterday that bilateral trade had seen a high growth rate. With cultural similarities and favourable geographical locations, China was a potential trade market for Việt Nam.

According to the Vietnamese General Department of Customs, by the end of September this year, Việt Nam’s exports to China reached $22.2 billion in January-September period, marking a year-on-year increase of 62.2 per cent. Its imports also rose by 15.9 per cent to $41.7 billion. Việt Nam’s total import-export turnover with China was $63.9 billion or 25.1 per cent higher from the corresponding period last year.

China’s Customs Department said Việt Nam had become the country’s biggest trade partner in ASEAN and its 9th biggest overall.

Notably, since the beginning of the year, Chinese imports from ASEAN countries have fallen by one per cent. However, its import turnover from Việt Nam has maintained double digit growth.

According to a representative from the Chinese Ministry of Commerce, trade opportunities between the two countries are set to expand thanks to the two countries strengthened bilateral relationship.

The visits of high ranking leaders from the two countries in recent years together with co-operation agreements are evidence of growing ties, he said.

In the last two decades, Việt Nam has actively integrating into the world economy. This creates a favourable environment for the two countries’ firms to operate in each other.

Việt Nam and China also signed investment co-operation agreements at the event, aiming to balance trade between the two countries, enhance exports of Vietnamese products to China and attract Chinese firms to Việt Nam.

The event was attended by leaders from the two countries’ ministries, agencies and associations and more than 100 import-export companies of dragon fruits, rubber, tra fish, rice and garment and textiles. — VNS