Vietnam becomes China’s second largest ASEAN partner

Vietnam has become China’s second largest ASEAN trade partner in 2014, only after Malaysia, the China-ASEAN Business Council (CABC)’s report revealed on January 30th.

Vietnam has become China’s second largest ASEAN trade partner in 2014, only after Malaysia, the China-ASEAN Business Council (CABC)’s report revealed on January 30th.

According to the China-ASEAN Free Trade Area (FTA) Q4 Report, China’s trade with Vietnam recorded a growth rate of 27.73 percent while that with Myanmar hit 146 percent.

Vietnam becomes China’s second largest ASEAN partner

Footwear for exports (Photo: VNA)

The total trade between China and the ASEAN countries in 2014 accounted for 11.16 percent of China’s overall foreign trade volume, an increase of 10.66 percent against 2013.

CABC Executive Director-General Xu Ningning said the bilateral trade rose by 8.3 percent to 480.4 billion USD last year. Of the figure, China imported USD208.3 billion worth of commodities from the ASEAN partners, up 4.4 percent, whilst its exports topped USD272 billion, up 11.5 percent.

However, the downward trends recorded in the two-way investments during the period. ASEAN total investments to China fell 23.8 percent to USD6.51 billion whilst China’s decreased by 18.88 percent to USD5.98 billion.

The report forecasted that the China-ASEAN trade will continue to be a key driver of Asia economic growth as the global economy is recovering.

Furthermore, bilateral and multilateral cooperation within the ASEAN-China FTA appeared to be very promising with the finalisation of FTA upgrading negotiation and the Regional Comprehensive Economic Partnership (RCEP) as well as the conduct of ASEAN-China Year of Maritime Cooperation by the end of 2015.

Both sides expect a USD500 billion two-way trade in 2015 and an additional USD150 billion investments by 2020.

CABC also released the 7th famous brand list of ASEAN and China which recommends 30 prestigious enterprises of both sides in the fields of food, pharmaceuticals, machines and equipment, electronic and construction products in a bid to help local firms expand markets and cooperation in the region./.

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