Vietnam-China trade may exceed $140 billion in 10 months

China is Vietnam's second-largest export market, with an expected turnover of $49.5 billion, a 5% increase year over year. This growth is a bright spot in an otherwise bleak picture for exports to most key destinations.

Meanwhile, China's exports to Vietnam were assessed at $89.7 billion, a 10.2 percent decrease from the same period the previous year.

The ministry stated that it has taken drastic measures to increase trade promotion activities in the Chinese market, including arranging a recent conference to promote trade and investment between Vietnam and Chongqing, China.

The ministry intends to collaborate with the People's Committee of Lao Cai Province to hold the 23rd Vietnam-China International Trade Fair from November 10 to November 15, 2023.

The trade show is expected to boost economic and tourism development in Vietnamese and Chinese communities, increase export-import turnover through the Lao Cai international border gate, and assist firms in entering overseas markets.

Furthermore, the Prime Minister's recent decision to approve the planning of border gates on the Vietnam-China land border in the 2021–2030 era is expected to contribute to increased two-way trade turnover between both sides in the future.

By 2030, Vietnam and China plan to increase the number of border gates to 26, comprising 14 international, 12 bilateral, and one special border gate in the provinces of Quang Ninh, Lang Son, Cao Bang, Ha Giang, Lao Cai, Lai Chau, and Dien Bien.

Source: VGP