Steady development of Sino Vietnamese economy and trade

China and Vietnam have strong economic complementarity. On the one hand, China is in the middle and upper reaches of the production and industrial chains, and Vietnam needs to strengthen cooperation with China in this regard. On the other hand, China's development also brings many business opportunities to Vietnamese enterprises. In recent years, the scale of trade between the two countries has continued to expand, with trade volume increasing more than sevenfold in 15 years. With deepening cooperation in high-tech fields, the two countries will have a broader space for economic and trade cooperation in the future.

In the first half of the year, the bilateral trade volume between China and Vietnam approached 95 billion US dollars, with Vietnam's imports of goods from China reaching 67 billion US dollars, a year-on-year increase of nearly 35%; Vietnam's exports of goods to China reached 28.7 billion US dollars, a year-on-year increase of 5.3%. The increase in imports from China is mainly due to the increased demand for raw materials and machinery equipment for Vietnam's production of goods. China has become Vietnam's largest import market, accounting for 37.6% of Vietnam's total imports in the first half of the year. Imported goods include machinery and equipment, electronic components, fabrics, shoes, and textile raw materials.

China and Vietnam established a comprehensive strategic partnership as early as 2008, and in 2023, the two countries jointly announced the construction of a strategically significant China Vietnam community with a shared future. Under the leadership of high-level leaders, China and Vietnam have developed close and stable cooperation. China has not only maintained its position as Vietnam's largest trading partner and second largest export market, but Vietnam has also risen to become China's largest trading partner in ASEAN and the fifth largest trading partner in the world. In the investment field, China's investment in Vietnam has maintained strong growth. In 2023, China's investment in Vietnam reached 4.47 billion US dollars, a year-on-year increase of 77.6%. In the first half of this year, China ranked first in the number of newly approved investment projects in Vietnam, accounting for 29.1% of the total foreign investment projects in Vietnam in the first half of the year. For example, China's investment in the textile industry in Vietnam has been increasing year by year, and a complete industrial chain has been formed locally. Chinese investment has created hundreds of thousands of job opportunities in Vietnam and promoted the development of the local economy.

In terms of agricultural trade, Vietnamese agricultural products have entered the Chinese market in large quantities, and agricultural products such as fruits and processed foods are gaining a foothold in the Chinese market. China has become one of the most important markets for Vietnamese agricultural products. According to the statistics of the Ministry of Agriculture and Rural Development of Vietnam, by the end of 2023, Vietnam has exported 16 kinds of plant products to China, including bananas, durian, mangosteen, black jelly, rice bran, rice, sweet potatoes, watermelon, pitaya, mango, jackfruit, longan, litchi, rambutan, pepper, passion fruit. In the field of aquaculture, the first batch of Vietnamese bird's nest has been officially exported to the Chinese market.

China and Vietnam have signed multiple bilateral cooperation agreements, including the China ASEAN Free Trade Agreement (CAFTA) and the Regional Comprehensive Economic Partnership (RCEP). In addition, China is promoting its accession to the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP).