Trade between Vietnam and China totaled US$155.7 billion from January to November, making the latter the Southeast Asian nation’s biggest trading partner during the period, according to statistics recently releasedbythe General Department of Vietnam Customs.
China has been Vietnam’s largest trading partner for many years, with their import-export turnover accounting for 25 percent of Vietnam’s total import-export value.
Their trade has surpassed $100 billion for the sixth year in a row.
As of the end of November, Vietnam had imported goods worth $100.3 billion from China, turning the latter into the Vietnamese'sbiggest commodity supplier.
Exports of Vietnamese products to China reached $55.4 billion during the 11-month period, up $2.8 billion year on year.
China became Vietnam’s second-largest goods buyer, after the United States, during the period.
The China-bound shipment of Vietnamese vegetables fetched $3.4 billion inthe 11 months, a year-on-year surge of 2.6-fold.
Phones and phone parts were Vietnam’s biggest export earner to the Chinese market between January and November, at $15.1 billion.
Computers and components came second, with a value of nearly $12 billion.
The Southeast Asian nation mainly bought computers, electronic items, equipment, and supporting parts from China in January-November.
Overall, Vietnam loggeda $44.9-billion trade deficit with China during the 11-month period.
The statistics released on Tuesday also indicated that Vietnam’s import-export turnover had amounted to $619.3 billion as of November.
Exports of Vietnamese commodities between January and November were valued at $322.6 billion, down 5.8 percent year on year.
Among major earners were computers and parts; phones and phone components; machines and equipment; and textiles and garments, with a value of over $30 billion each.
During the period, Vietnam spent $296.7 billion on imports, down 10 percent year on year.
Vietnam enjoyed a trade surplus of $25.9 billion in the timespan.
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FAQs
Trade between Vietnam and China totaled US$155.7 billion from January to November, making the latter the Southeast Asian nation's biggest trading partner during the period, according to statistics recently released by the General Department of Vietnam Customs.
Is China the largest trading partner of Vietnam? ›
China has long been the largest trading partner of Viet Nam, and Viet Nam is China's largest trading partner in ASEAN and the fourth largest trading partner in the world.
Who is China's biggest trading partner? ›
China's Top Trading Partners
- United States: US$502 billion (14.8% of China's total exports)
- Hong Kong: $276.4 billion (8.2%)
- Japan: $157.6 billion (4.7%)
- South Korea: $149.3 billion (4.4%)
- Vietnam: $138.2 billion (4.1%)
- India: $117.8 billion (3.5%)
- Russia: $111.1 billion (3.3%)
- Germany: $100.6 billion (3%)
Comparative Advantage China - Vietnam
During 2022, China had a large net trade with Vietnam in the exports of Machines ($62.9B), Textiles ($16.1B), and Metals ($13.9B). During 2022, Vietnam had a large net trade with China in the exports of Machines ($37B), Vegetable Products ($3.54B), and Textiles ($3.52B).
What country does Vietnam trade with the most? ›
Yearly Trade
The most common destination for the exports of Vietnam are United States ($117B), China ($58.7B), South Korea ($25.2B), Japan ($25B), and Hong Kong ($12.7B).
Who is Vietnam's main trading partner? ›
Data from the General Department of Customs shows in 2022, China is Vietnam's largest trading partner with a total two-way trade turnover of 175.57 billion USD, followed by the US (123.86 billion USD), the Republic of Korea (86.38 billion USD) and Japan (47.61 billion USD).
Who is the largest export partner of Vietnam? ›
The USA was the largest export partner of Vietnam in 2023 with a total value of $86.93 billion in the first 3 quarters of 2023.
Who are China's biggest partners? ›
Among its most important export partners are the United States, the European Union and the ten ASEAN member countries, which overtook the U.S. as China's most important export market in 2023, following a drop in U.S. imports from China amid rising tensions.
What does Vietnam depend on China for? ›
Trade with China has always played an important role in Vietnam's foreign trade and factors relating to the Chinese economy will continue to influence Vietnam's economic development. For many years, China has been Vietnam's largest trading partner and largest source of imports.
Why did China want Vietnam? ›
As the United States poured men and money into South Vietnam, Chinese and Soviet involvement in Vietnam also increased. As the world's largest communist. powers, both the Soviet Union and China gave moral, logistic and military support to North Vietnam. They hoped to build and expand communism in the Asia.
Economy of Vietnam
| Statistics |
|---|
| Export goods | Electronics, textiles products, machinery, footwear products, transportation products, wooden products, seafood products, steel, crude oil, pepper, rice and coffee |
| Main export partners | United States 29.5% China 15.5% European Union 12.6% ASEAN 9.2% South Korea 6.5% Japan 6.5% |
38 more rowsExport value of leading commodities Vietnam 2023
In 2023, electronics, computers, and components exports had the largest value amongst Vietnam's major commodities, at approximately 57.3 billion U.S. dollars.
What is Vietnam's biggest import and export? ›
After that are machines, instruments, and accessories, making up 16 percent of imports. What are Vietnam's major exports? Vietnam's major exports are telephones, mobile phones and parts thereof, making up 21 percent of total exports. Textiles come second making up for12 percent of exports.
What does Vietnam import the most? ›
In the long-term, the Vietnam Imports is projected to trend around 31.00 USD Billion in 2025 and 33.00 USD Billion in 2026, according to our econometric models. Vietnam main imports are computers, electrical products and parts (18 percent of total imports) and machine, instruments and accessories (16 percent).
Is Vietnam partners with China? ›
Commercial ties
As of at least 2024, the Vietnamese economy is becoming increasingly connected with China's. Vietnam is China's eighth largest trading partner, and largest among southeast Asian countries. As of 2022, China's accounted for 15.5% of the total exports values of Vietnam and 32.9% of imports of Vietnam.
Does Vietnam rely on China? ›
HANOI (Reuters) - As the United States intensifies efforts to reduce trade with China by hiking tariffs, it has greatly boosted imports from Vietnam, which relies on Chinese input for much of its exports, data show.
Why did China dominate Vietnam? ›
The Chinese were interested in conquering Vietnam because it had fertile lands and was located on the Chinese trade routes. The ruling dynasty at the time, Han Dynasty, moved to settle at River Red Delta and was the first to conquer the Vietnamese people to assimilate them into their dynasty.
