Hence, China has surpassed the United States to become Vietnam's biggest export market in the first month of 2018.
US has remained the largest export market of Vietnam for years, including 2017. Nonetheless, Vietnam’s export turnover to the country in the first month of 2018 reached US$3.632, up by merely US$624 million against last year, making US lose its leading position among markets importing from Vietnam.
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Meanwhile, Vietnam exported nearly US$895 million worth of phones and their components to China, a 19-fold increase from January 2017, as well as US$691 million worth of computers, electronic appliances and components, up 80.1 percent. Notably, vegetables and fruits emerged as the third most exported goods from Vietnam to China with turnover of US$296.3 million, up 68.6% year-on- year.
Last month, Vietnam spent nearly US$5.8 billion to import products from China and posted a trade deficit of US$2.059 with the neighbor, though the figure decreased slightly by US$46 million over the same period last year, said the Department.
China has been the largest trade partner of Vietnam for many years, while Vietnam has also become the biggest trade partner of China among the ASEAN countries in terms of two-way trade. In 2017, two-way trade reached USD 121.3 billion, up 23.3 per cent year-on-year, said Chinese Ambassador to Vietnam Hong Xiao Yong during the 68th anniversary of Vietnam-China ties this January.
Vietnam and China are good partners within the framework of regional and global multilateral cooperation such as ASEAN-China, the Asia-Pacific Economic Cooperation (APEC) Forum, and the United Nations (UN), Hong Xiao Yong added.
