The Hanoitimes - Revenue from two-way trade through border gates has been steadily rising in period 2013 - 2018, deepening Vietnam`s trade deficit with China to US$150 billion, according to the Ministry of Finance (MoF).
During this five-year period, Vietnam's export turnover through border gates exceeded US$100
billion, accounting for an average of 29.06% of total bilateral trade turnover, informed the MoF in a report on Vietnam's cross-border trade activities with China, Laos and Cambodia.
Mwanwhile, the Southeast Asian country imported US$250 billion worth of goods from its northern neighbor, more than 200% higher than the export turnover.
This resulted in Vietnam's trade deficit of US$150 billion with China through border gates, not to mention billions of USD generated from unofficial and illegal trade activities, stated the report.
Vietnam mainly exports farm products and rubber to China while importing machinery, fruits and vegetables, and fertilizers, among others.
As at present, China remains Vietnam's largest trading partner and is the second largest export market behind the US. Meanwhile, Vietnam is the eighth largest trading partner of China, and the latter's largest trading partner among ASEAN countries with total trade turnover in 2017 of US$93.7 billion, representing an increase of 30.2% against 2016, according to the General Department of Vietnam Customs.
During January - May, the US was Vietnam's largest export market with turnover reaching US$17.4 billion, up 9%, followed by the EU with US$16.9 billion, increasing by 13.6%, and China with US$13.8 billion, up 30.8%.
As for imports, China is the largest import market of Vietnam with turnover reaching US$24.2 billion, up 9% over the same period in 2017. South Korea came second with import value of US$18.7 billion, up 1.1%, followed by the ASEAN with US$12.5 billion, up 11.1%, and Japan US$7.2 billion, up 11.2%.