Econ
Vietnam’s exports to China and Korea accelerate in Q1
Total export value of Vietnamese products to China and South Korea surged sharply in the first quarter of this year to US$13.3 billion, reports from the General Statistics Office showed.
According to GSO, Vietnam’s export to China in the first three months of the year soared by up to 46 percent against the same period last year to US$9 billion. Of which, phones and spare parts skyrocketed by 674.4 percent; fruits and vegetables up 56 percent; and electronics, computers and components up 31.7 percent.
Meanwhile, South Korea in the period spent $4.3 billion for importing Vietnamese products, jumping 35.8 percent year-on-year. Of the rise, phones and spare parts registered export growth of 63.5 percent; electronics, computers and components up 59.4 percent; and textiles-garments up 12.2 percent.
Experts said that trade between Vietnam and the two partners is expected to continue to soar significantly in the future.
With an export-import turnover of $93.69 billion last year, bilateral trade value between Vietnam and China is expected to touch the $100 billion milestone in 2018.
Reports from the General Department of Customs showed that last year’s bilateral trade value between Vietnam and China was $21.79 billion higher than the previous year and accounted for 22 percent of Vietnam’s total export and import turnover in the year.
Among the total, Vietnam’s exports to China soared up to 61.5 percent against 2016 to $35.46 billion. The rising rate was three times higher than Vietnam’s 21.2 percent average export growth rate.
Thanks to the surge, Vietnam’s trade deficit with China reduced significantly to US$22.76 billion last year from US$28 billion in 2016.
Last year saw 13 export items with earning of more than US$1 billion, against six items in the previous year. The new items included seafood with nearly US$1.1 billion, rice with US$1.02 billion, rubber with US$1.44 billion, textile and garment with US$1.1 billion, footwear with $1.14 billion and mobile phones with US$7.15 billion.
China is one of Việt Nam’s largest trade partners and is also a key export market, the ministry said.
During a visit to China last May, President Tran Dai Quang urged Vietnamese and Chinese firms to continue initiating innovative ideas to create a new momentum for bilateral economic partnership.
He suggested Chinese companies invest in infrastructure, logistics and electronics and support industries while protecting the environment and engaging in social activities in Vietnam.
Vietnam has set a goal of raising trade between both sides by pushing exports of agricultural produce, electronics and consumer goods, while opening doors to allow more Chinese products to enter the local market, Quang said.
Meanwhile, bilateral trade between Vietnam and South Korea now surges 117 times to $58.5 billion compared with 1992 when the two countries established the bilateral ties, Le An Hai, Deputy Director of the Ministry of Industry and Trade’s Asia and Africa Markets Department.
Korea’s exports to Vietnam accelerated to $48 billion last year, the Korean International Trade Association (KITA) reported, adding that the rise is impressive as it accounted for 8.3 percent of Korea’s total export value, much higher than the 3.9 percent rate three year ago.
Trade analysts attributed the growth to the Vietnam and Korea Free Trade Agreement (VKFTA) which came into effect from December 2015. Big name companies like Samsung Electronics and LG Electronics have been setting up their production bases in Vietnam, also boosting the trade volume between the two countries.
Korean exports to Vietnam are also forecast to continuously soar sharply this year in the wake of the tax reduction and exemption on various items imported from Korea.
Vietnam’s exported phones to China and Korea surged sharply in Q1
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Experts said that trade between Vietnam and the two partners is expected to continue to soar significantly in the future.
With an export-import turnover of $93.69 billion last year, bilateral trade value between Vietnam and China is expected to touch the $100 billion milestone in 2018.
Reports from the General Department of Customs showed that last year’s bilateral trade value between Vietnam and China was $21.79 billion higher than the previous year and accounted for 22 percent of Vietnam’s total export and import turnover in the year.
Among the total, Vietnam’s exports to China soared up to 61.5 percent against 2016 to $35.46 billion. The rising rate was three times higher than Vietnam’s 21.2 percent average export growth rate.
Thanks to the surge, Vietnam’s trade deficit with China reduced significantly to US$22.76 billion last year from US$28 billion in 2016.
Last year saw 13 export items with earning of more than US$1 billion, against six items in the previous year. The new items included seafood with nearly US$1.1 billion, rice with US$1.02 billion, rubber with US$1.44 billion, textile and garment with US$1.1 billion, footwear with $1.14 billion and mobile phones with US$7.15 billion.
China is one of Việt Nam’s largest trade partners and is also a key export market, the ministry said.
During a visit to China last May, President Tran Dai Quang urged Vietnamese and Chinese firms to continue initiating innovative ideas to create a new momentum for bilateral economic partnership.
He suggested Chinese companies invest in infrastructure, logistics and electronics and support industries while protecting the environment and engaging in social activities in Vietnam.
Vietnam has set a goal of raising trade between both sides by pushing exports of agricultural produce, electronics and consumer goods, while opening doors to allow more Chinese products to enter the local market, Quang said.
Meanwhile, bilateral trade between Vietnam and South Korea now surges 117 times to $58.5 billion compared with 1992 when the two countries established the bilateral ties, Le An Hai, Deputy Director of the Ministry of Industry and Trade’s Asia and Africa Markets Department.
Korea’s exports to Vietnam accelerated to $48 billion last year, the Korean International Trade Association (KITA) reported, adding that the rise is impressive as it accounted for 8.3 percent of Korea’s total export value, much higher than the 3.9 percent rate three year ago.
Trade analysts attributed the growth to the Vietnam and Korea Free Trade Agreement (VKFTA) which came into effect from December 2015. Big name companies like Samsung Electronics and LG Electronics have been setting up their production bases in Vietnam, also boosting the trade volume between the two countries.
Korean exports to Vietnam are also forecast to continuously soar sharply this year in the wake of the tax reduction and exemption on various items imported from Korea.