This resulted in a trade deficit with China at US$150 billion, which is expected to increase every year. Among three countries that share borders and having cross-border trade, China is currently Vietnam's largest trade partner.
Illustration photo.
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On the contrary, Vietnam's export turnover to China at the same period is estimated at US$100 billion, accounting for 29% of the bilateral trade turnover. In this period, Vietnam has imported Chinese goods worth US$250 billion, 200% higher than its export turnover.
For the last 6 years, the two-way trade relation between Vietnam and China has been imbalance, leading to Vietnam's trade deficit of US$150 billion or an average of US$25 billion per year.
Specifically, in 2013, Vietnam had a trade deficit of US$23 billion with China; in 2014 of US$29 billion; in 2015 of US$33 billion, in 2016 of US$28 billion and in 2017 of US$22.7 billion.
Vietnam mainly imported equipment, electricity, fruits, coal and fertilizer from China, while Vietnam exported low added value products such as rubber, agricultural products, rice, fruits and woods to China, according to the Ministry of Finance.
Vietnam's export-import turnover hit US$400 billion last year, representing a fourfold increase in ten years. The country first achieved US$100 billion in foreign trade value in 2007, the year it joined the World Trade Organization (WTO). The figure rose to US$200 billion in 2011 and US$300 billion in 2015.
According to the WTO, in 2006, Vietnam's total export and import turnover ranked 50th and 44th in the world. In 2015, the nation jumped 23 and 16 steps, occupying 27th and 28th positions, respectively.
At present, Vietnam has 30 export groups with an annual turnover of at least US$1 billion each, including textiles, leather, footwear, coal and crude oil.
Vietnam has trade relations with more than 200 countries and territories around the world, gradually moving import-export markets from Asia to Europe and America.
