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Vietnam Today

Vietnam bridging trade deficit with China

Released at: 16:22, 29/09/2017

Vietnam bridging trade deficit with China

Deputy Minister of Industry and Trade Tran Quoc Khanh (L) and China's Vice Minister of Commerce Gao Yan. Photo: moit.gov.vn

Visiting Chinese trade and economic delegation meets with Deputy Minister of Industry and Trade.

by Hai Van

At the invitation of the Ministry of Industry and Trade (MoIT), a Trade and Economic Delegation from China headed by Vice Minister of Commerce Gao Yan visited Vietnam from September 27 to 29.

She and Deputy Minister of Industry and Trade Tran Quoc Khanh presided over the 10th session of the Vietnam-China Economic and Trade Cooperation Committee, held on September 28 in Hanoi. 

The two reviewed the trade and economic cooperation situation and exchanged views on bilateral economic, trade, and industrial issues of mutual concern. They agreed to work closely and to actively prepare for important visits by senior leaders at the end of the year.

Vietnam’s trade deficit with China is still high but is gradually declining. According to figures from MoIT, trade turnover in 2016 was $71.9 billion, up 7.9 per cent over 2015.

The trade deficit fell 13.67 per cent compared to 2015. As at the end of August this year, bilateral trade turnover was $55.2 billion, up 23.59 per cent year-on-year, with a trade deficit of $17.7 billion, down 5.76 per cent. China is Vietnam’s largest trade partner and Vietnam the largest trade partner of China in ASEAN.

The two sides discussed specific solutions to deal with Vietnam’s trade deficit, with China agreeing to boost Vietnam’s milk exports and improve quarantine conditions to permit imports of Vietnamese fruit such as coconut and lime.

They also discussed management methods for Vietnamese rice exports to China and actively exchange information and established early warning mechanisms to ensure food quality and safety.

Vietnamese enterprises were also encouraged to link with Chinese customers, expand markets, and develop distribution networks.

The two Deputy Ministers also agreed that the Vietnam Trade and Promotion Agency (Vietrade) office in Chongqing has boosted bilateral trade and economic cooperation and provided effective support for exchanges and cooperation between enterprises from the two countries.

China is preparing procedures for the licensing of a Vietrade office in Hangzhou and the country’s attendance at the APEC Summit in November.

The two sides also discussed issues of bilateral cooperation in the fields of investment, infrastructure, and industry, in which they actively agreed to accelerate the resolution of problems in projects such as the Cat Linh - Ha Dong urban railway line in Hanoi and the Thai Nguyen Iron and Steel Project Phase 2.

They agreed to negotiate a replacement agreement for the 1992 Vietnam-China Border Railway Agreement and to launch a feasibility study on the use of a budget package to support Vietnam over five years to build the Institute of Traditional Medicine and Pharmacy.

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