25.11.2020, 17:05

China retains Vietnam’s largest trade partner

China retains Vietnam’s largest trade partner
Photo for illustration

Vietnam’s export turnover to China reached nearly USD5.5 billion in October, bringing the total figure from the start of the year to nearly USD38 billion, according to statistics of the General Department of Customs, according to VOV News.

Furthermore, the country spent USD8 billion on imports from China in October, bringing total import turnover from the Chinese market to more than USD65.6 billion during the 10 months of the year.

China is the first market recording USD100 billion in import-export turnover with Vietnam this year.

Despite a number of positive signs, recent developments relating to trade tensions between the United States and China, along the COVID-19 pandemic, are predicted to affect Vietnamese import-export activities in the near future.

As a means of facilitating the export of goods to China, the Ministry of Industry and Trade (MoIT) has simplified administrative procedures, made institutional reforms, and improved the investment climate in order to reduce costs for businesses.

Moreover, the MoIT has also enhanced online public services, deployed a national single-window mechanism, and coordinate alongside relevant agencies to assess China’s import needs, with a specific focus on a number of major export items.

The MoIT has also moved to open a trade promotion office in the localities of Hangzhou and Zhejiang in an effort to strengthen connectivity for Chinese businesses who are seeking business opportunities with local firms./.