Monday, 24 Jun 2019

Vietnam surpasses Malaysia to become China's top trade partner in ASEAN

Updated at Friday, 27 Jul 2018, 22:08
The Hanoitimes - The Chinese Embassy in Vietnam held a press conference on the economic-trade ties between Vietnam and China on July 26.
The monthly average trade revenue between Vietnam and China for the first time exceeded US$10 billion in April this year, said Trade Counsellor of the Chinese Embassy in Vietnam Hu Suojin at the press conference held by the embassy on Thursday.
In June, the figure hit US$11.2 billion, enabling Vietnam to surpass Malaysia (US$9.3 billion) to become China's biggest trade partner in the ASEAN bloc, the
Chinese diplomat affirmed, adding trade between the two countries has thrived rapidly since the start of this year. 
The press conference's overview. Photo: Cam Anh
The press conference's overview. Photo: Cam Anh
Specifically, the counsellor highlighted the two nations’ leap in trade cooperation, which is above the average that China has with other ASEAN countries. In February 2018, China overtook the US to become the largest importer of Vietnam.
During the first six months of 2018, total trade revenue between Vietnam and China reached US$66 billion, according to the Chinese government’s statistics, Hu Suojin said.
Growth rate of China’s exports to Vietnam during the period was estimated at 23.5%, the highest in ASEAN, putting Vietnam on the list of China's 10 largest export markets worldwide. On the other hand, the growth rate of Vietnam’s exports to the North Asian country hit 37.4%, taking the lead in the Southeast Asian bloc.
Trade Counsellor Hu Suojin also noted that both countries had vast potential to broaden and boost the bilateral trade. In the first half of 2018, the growth rate of bilateral trade reached 28.8% against last year.
Meanwhile, the high growth rate of Vietnam's exports to China has also eased the former’s trade deficit with the latter.
The goal of both Vietnam and China in broadening trade-economic relations is to optimize the benefits of their people, said the trade counsellor.
Tu Anh
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