Vietnam's "Investment Online" reported on November 6 that China's transformation of its economic growth model to rely on imports to stimulate domestic demand will promote the export of Vietnam's main products such as agricultural water and processed food .
Affected by the new crown pneumonia epidemic, Vietnam’s exports to ASEAN, South Korea and Japan all fell sharply year-on-year in the first 10 months, but exports to China still increased by 14% to US$37.6 billion.
After a period of interruption, Vietnam's imports of machinery and equipment and raw materials from China have been restored. In the first 10 months, Vietnam's imports from China reached approximately US$68.5 billion, a year-on-year increase of 6.2%. China is Vietnam's largest import market.
The 3rd China International import Expo was held in Shanghai, China from November 5-10, and more than 100 Vietnamese companies participated in the exhibition online. Du Shenghai, Deputy Minister of Industry and Trade of Vietnam, stated that China's transformation of its economic growth model to rely on imports to stimulate domestic demand will help Vietnam improve bilateral relations and increase exports of major products such as agricultural and fishery products, processed foods (especially coffee and related products) to China .
As a neighboring country with a population of more than 1.3 billion, China will become Vietnam’s largest strategic export market if it can establish a stable export channel for positive trade. At the same time, as a bridge and gateway for the import and export of ASEAN and China, China will contribute to the rapid and stable development of trade with Vietnam.
Du Shenghai said that Chinese consumers have increased demand for processed agricultural products, milk and dairy products in Vietnam, which will give powerful suppliers the opportunity to get large orders.
In 2019, the bilateral trade volume between China and Vietnam reached US$116.9 billion, a year-on-year increase of 9.3%. Among them, Vietnam’s exports to China amounted to US$41.4 billion, an increase of 0.1%, accounting for 15.7% of Vietnam’s total exports. Vietnam's imports from China reached 75.5 billion U.S. dollars, an increase of 15.2%. Vietnam’s trade deficit with China was approximately US$34 billion, a year-on-year increase of 40.9%.
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