Vietnam’s export value of phones and components to China also soared by 8-times to $7.15 billion, accounting for 20.2% of Vietnam’s total export revenue to China.
The bilateral trade turnover between the two countries is expected to pass the $100 billion milestone this year
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The surge helped Vietnam’s exports to China last year to rise 61.5% against 2016 to $35.46 billion. The rise was three times higher than Vietnam’s 21.2% average export growth rate during the year.
Thanks to the increasing exports, Vietnam’s trade deficit towards China has been reduced significantly to $22.76 billion last year from $28 billion in 2016.
During a visit to China in last May, President Tran Dai Quang said that Vietnam welcomed Chinese investment and wanted to raise bilateral trade between the two countries to $100 billion.
With an export-import turnover of $93.69 billion last year, the bilateral trade value between the two countries is expected to touch the $100 billion milestone this year. Last year’s bilateral trade value was $21.79 billion higher than the previous year and accounted for 22% of Vietnam’s total export and import turnover in the year.
According to President Quang, Vietnam has set the goal of promoting trade between the two sides by pushing exports of agricultural produce, electronics, and consumer goods, while opening doors to allow more Chinese products to enter the local market.
Besides, China is one of Vietnam's ten largest investors, with a total investment of $11.2 billion.
“Vietnam is willing to create favorable conditions for Chinese enterprises to do business and invest in Vietnam,” Quang said.
In fact, China and Vietnam are natural partners with complementary economies. As an illustration: Vietnam is in great need of infrastructure development, while China has abundant resources for infrastructure construction, including capital, technology, personnel, and experiences to share.
Since 2015, the two countries have made tangible progress to strategically align their development initiatives—China's Belt and Road Initiative and Vietnam's "Two Corridors and One Economic Circle" plan.
Major achievements have been reached in transportation, electricity, manufacturing, and the construction of industrial parks between the two countries.
