02:04 (GMT +7) - Sunday 18/11/2018

Vietnam Today

Optimism surrounds Vietnam-China trade

Released at: 23:11, 16/02/2018

Optimism surrounds Vietnam-China trade

Photo: Hai Van

Solid 2017 bridges trade deficit with high hopes that greater exports will continue, trade counselor conference hears.

by Hai Van

There are optimistic signs for trade between Vietnam and China this year.

2017 was breakthrough year for the relationship, Commercial Counselor of Vietnam in China, Dr. Dao Viet Anh, told a trade counselor conference held in Hanoi recently. Two-way trade revenue reached $121.3 billion last year, exceeding the target of $100 billion.

China has also now become Vietnam’s eighth-largest investor. “The highlight of economic and trade cooperation between the two countries last year was export growth being higher than import growth, which contributed to narrowing the trade gap to $20 billion,” Dr. Anh said.

Dr. Dao Viet Anh, Vietnamese Commercial Counsellor in China

He emphasized that many products from Vietnam, such as telephones, computers, cameras, fruit and vegetables, and seafood have become mainstream products, contributing substantially to export turnover with China and addressing the trade deficit and taking trade to new heights.

“This is also a convincing demonstration of the strength and effectiveness of a constructive government, close coordination between ministries, branches, and localities, and the efforts of associations, industries, and enterprises in the country,” he noted.

Other Vietnamese counselors also reported on the trade status between Vietnam and the country in which they work. Prime Minister Nguyen Xuan Phuc said he appreciated the contributions by industry and trade counselors to the development of the country, including record trade turnover in 2017 of $425 billion, with exports reaching $214 billion.

The Prime Minister also said that Vietnam’s network of trade offices overseas has made many positive contributions in highlighting the promotion of exports and in particular sending agricultural products such as shrimp, mangoes, and dragon fruit to Australia and chicken, dragon fruit, and other items to Japan.

The government has always listened to the opinions of commercial counsel offices through the Ministry of Industry and Trade (MoIT), the Ministry of Foreign Affairs, and other ministries.

He therefore asked MoIT to commend and encourage counsellors for their efforts over the last year, especially in export markets, and proposed that necessary measures are taken to dispatch commercial counselors to countries where they are currently not present.

Commercial Counsellor Offices should focus on solutions to take advantage of free trade agreement (FTA) preferences to send Vietnamese goods overseas and mobilize the host country's enterprises to cooperate with Vietnamese enterprises and exploit opportunities.

“They also have to deal with problems arising during the implementation of the FTAs and work with commercial management ministries and agencies in the host country so that the two sides can minimize trade disputes,” Prime Minster Phuc emphasized.

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