In the context of the continuously evolving international market, the trade relationship between Vietnam and China has reached new heights, with a trade volume reaching $155.7 billion in the first 11 months of 2023. This figure not only stands as an impressive number but also serves as evidence of the robust economic development between the two countries.

Vietnam-China Trade Statistics

1. Overview of Trade Volume As of the end of November, the trade volume between Vietnam and China has exceeded $155 billion, and China remains Vietnam’s top trading partner, accounting for nearly 25% of the country’s total trade volume.
2. Detailed Trade Statistics In terms of exports, Vietnam has maintained a positive trend by exporting goods worth $55.4 billion to China, with significant growth observed in the categories of fruits and vegetables. Industrial products such as phones and computers also contribute significantly to this figure.

On the import side, Vietnam faces a substantial deficit, importing goods worth $100.3 billion from China. Computers, electronics, and machinery dominate the import structure, while other industries like textiles and apparel also play a crucial role.

Charts and Main Markets

1. Export and Import Volume Charts To get an overview of the trade scale, refer to the chart below illustrating the development of the trade volume between the two countries.
2. Main Markets Apart from the relationship with China, Vietnam is also establishing strong ties with other key trading partners such as the United States ($100.3 billion), South Korea ($69.2 billion), Japan ($41 billion), and Taiwan ($21.2 billion). The stability and influence of China in the international market are crucial factors.

Analysis of Vietnam’s Exports to China

1. Strong Growth ($55.4 billion) Vietnam’s exports to China are experiencing robust growth, particularly in categories like fruits and vegetables, phones, and computers. These industries not only contribute significantly to the export volume but also drive economic diversification.
2. Detailed Product Categories

• Phones and components: Contribute 28.3% to the total export volume with $15.6 billion.
• Computers, electronics, and components: Account for 20.8% of the total export volume with $11.5 billion.
• Fruits and vegetables: Represent 5.7% of the total export volume with $3.1 billion.
• Cameras, camcorders, and components: Contribute 7.5% to the total export volume with $4.1 billion.

Analysis of Imports from China ($100.3 billion)

1. Significant Trade Deficit In contrast to exports, Vietnam is facing a considerable trade deficit when importing goods from China. Dominant import categories include computers, electronics, machinery, making a substantial contribution to this figure.
2. Detailed Product Categories

• Computers, electronics, and components: Constitute 21.4% of the total import volume with $21.5 billion.
• Machinery, equipment, and parts: Contribute 20.4% to the total import volume with $20.5 billion.
• Various types of textiles: Represent 7.1% of the total import volume with $7.1 billion.
• Phones and components: Contribute 6.1% to the total import volume with $6.1 billion.

Total Vietnam Trade Volume

1. Overview of Trade Volume ($619.3 billion) The total trade volume of Vietnam has reached $619.3 billion, with contributions from various industries, facing a slight decrease in exports. The trade balance is maintained at a surplus of $25.9 billion, boosting the country’s financial situation.
2. Contributions of Key Product Categories

• Computers, electronics, and components: Contribute $51.6 billion.
• Phones and components: Contribute $48.4 billion.
• Machinery, equipment, tools, and parts: Contribute $39.2 billion.
• Textiles and apparel: Contribute $30.4 billion.

Trade Balance and Future Trends

Trade Surplus

The trade balance records a surplus of $25.9 billion, indicating Vietnam’s continued strength in exports despite challenges from the Chinese market.

Future Trends and Recommendations

Enhance Diversification

To minimize trade deficits, Vietnam needs to enhance export diversification, especially in the field of computers, electronics, and components. This will reduce dependence on the Chinese market and expand trade opportunities with other partners.

Increase Export Value – Promote Export Growth

According to the Ministry of Industry and Trade, there is room for export growth to China until the end of the year and throughout 2024, particularly in seafood exports. The recent Vietnam-China International Trade Fair saw 109 cooperation agreements and 22 economic contracts signed between Vietnamese and Chinese businesses, opening prospects for Vietnamese companies to seek partners and expand export markets in the future. Strengthening the value of processing and product quality can help Vietnam increase the value of its exports.

Conclusion

The trade relationship between Vietnam and China continues to grow, presenting both opportunities and challenges. Vietnam must address the significant trade deficit with the Chinese market while improving the quality of exports to maintain and expand its position in the international market.

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