President To Lam's State Visit: New Stage of Development For Vietnam-China Relationship
	People-to-People Ties Strengthen Vietnam-China Relations

Geographically advantageous locations and long-standing traditional trade relations have significantly facilitated bilateral trade between Vietnam and China. The robust growth in import-export turnover is evident of the close ties between the two Asian nations.

Vietnam's major exports to China include computers, electronic products, phones and components, rubber, wood and wood products, footwear, fruits and vegetables, agricultural and aquatic products.

Vietnam is China's largest trading partner within ASEAN

China is currently Vietnam's largest import market and second-largest export market, while Vietnam is China's largest trading partner in ASEAN, the eighth-largest trading partner, the fifth-largest export market, and the ninth-largest import market globally.

In particular, in 2018, following the establishment of the Comprehensive Strategic Cooperative Partnership, bilateral trade between Vietnam and China reached a milestone of US$106.7 billion, representing a more than 3,300-fold increase compared to 1991.

In recent years, amid the gloomy global trade landscape, the growth of Vietnam's import-export with China remains a bright spot. According to the General Department of Customs, in 2023, bilateral trade reached US$171.2 billion. Of which, Vietnam's exports to China reached US$61.2 billion, an increase of 6.4% compared to 2022 (equivalent to an additional US$3.7 billion). Imports from China in 2023 reached US$110.64 billion.

In the first seven months of 2024, Vietnam's bilateral trade with China maintained a positive growth trajectory, with an estimated turnover of US$112.58 billion. Of this, Vietnam's exports to China reached an estimated US$32.568 billion, a 5.01% increase year-on-year. Vietnam's major exports to China include mobile phones, components, electronic devices,rubber, wood and wood products, footwear, fruits and vegetables, and agricultural and aquatic products.

Notably, in 2024, China remains a key export market for Vietnam's agricultural, forestry, and fishery products, with high growth expectations. In addition to traditional strong items such as fruits, vegetables, and seafood, businesses are focusing on increasing market share for products with high potential, such as rubber, pepper, and cassava.

Meanwhile, China continues to be Vietnam's largest import market, with an estimated import value of US$79.615 billion in the first seven months of 2024, a significant 35.64% increase year-on-year and accounting for over 37% of Vietnam's total imports. Vietnam imports from China mainly products, raw materials, and components for manufacturing, such as machinery, equipment, and chemical products, plastic products, textile, iron and steel, and construction materials.

Vietnam's merchandise export value to China in July of each year, from 2014 to 2024 (USD). Photo: General Department of Customs

China - Leading partner in new FDI projects in Vietnam

Regarding investment, in recent times, amid the context of tense trade relations between China and some of its partners and the slowdown of domestic economic development, especially after China abandoned its Zero-COVID policy, Chinese investors have accelerated their shift towards investment in production and business activities in Vietnam.

Statistics show that investment from China into Vietnam increased significantly from US$2.92 billion in 2021 to US$4.47 billion in 2023. In 2023, Chinese investors registered investments in Vietnam totaling US$4.47 billion, an increase of 77.6% compared to 2022. Additionally, Chinese investors registered 707 new projects, 179 capital adjustment projects, and 412 capital contributions and share purchases in Vietnam.

In the first seven months of 2024, according to the Foreign Investment Agency (Ministry of Planning and Investment), in terms of the number of projects, China was the leading partner in the number of new investment projects (540 projects with a total registered capital of US$1.22 billion, accounting for 29.7% of the total number of new investment projects nationwide), 113 capital increase projects with a total increased capital of US$303.21 million, and 268 capital contributions and share purchases with a total capital of US$124.021 million.

In total, the newly registered capital, increased capital, and capital contributions and share purchases of Chinese investors in Vietnam in the first seven months of 2024 reached US$1.648 billion. Since 1988, China has had 4,754 newly approved projects in Vietnam with a total registered capital of US$28.551 billion.

It is forecasted that the prospects for trade and investment between Vietnam and China in the coming time will continue to be favorable due to the increasing demand for imports to serve production recovery, especially the trend of increasing investment and cooperation to take advantage of the preferential treatment from bilateral cooperation agreements as well as multilateral agreements that Vietnam and China are participating in, such as the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).

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