China’s position in Vietnam’s foreign trade

Vietnam’s exports to China reached more than $49.5bn in the year to the end of October, up 5.1 per cent from a year earlier, a bright spot in Vietnam’s export activity at a time when exports to most major markets are falling.

Currently, China is Vietnam’s largest trading partner, its largest source of imports and its second largest export market (after the United States). As of the end of October, trade between China and Vietnam accounted for 24.88 percent of Vietnam’s foreign trade.

China-vietnam economic and trade cooperation

In 2022, the trade volume between China and Vietnam reached 234.92 billion U.S. dollars, up 2.1% year on year; China’s export to Vietnam reached 146.96 billion US dollars, up 6.8% year on year. China’s imports from Vietnam reached 87.96 billion U.S. dollars, down 4.7 percent year on year.

China’s investment in Vietnam continues to expand. According to Vietnamese statistics, by the end of 2022, China’s stock of direct investment in Vietnam was 23.348 billion US dollars. By July 2023, the total registered capital of China in Vietnam exceeded 2.33 billion US dollars, and China surpassed Japan, ranking third among countries and regions investing in Vietnam. In terms of the number of new approvals, China topped the list with 325 projects.

Chinese investment in Vietnam is mainly concentrated in the processing and manufacturing industry, especially in the electronics, mobile phones, computers, textile and clothing, machinery and equipment industries.