Trade gap with China likely to narrow

Vietnam’s export revenue to China is set to increase to some 13 billion USD this year, making up 43.3 percent of two-way trade, reported the Ministry of Industry and Trade.

Dao Ngoc Chuong, Deputy Head of the Asia-Pacific Market Department under the ministry, told a workshop in Hanoi on May 9, that the figures represented a year on year increase of 5.3 billion USD in export revenues and a reduction of 16.6 percentage points in the gap of trade.

Chuong said although some Vietnamese exports, such as rubber, fruit and luxury wooden furniture, gain good shares of the neighbouring market, the trade balance still tilted to the world’s second largest economy.

Vietnam ’s exports made up just 0.78 percent of China ’s gross foreign trade revenues in 2010.

In the past two months, exports to China earned over 1.27 billion USD while imports reached 3.4 billion USD, reported the Ministry of Industry and Trade.

Chuong urged domestic enterprises to enter into joint ventures with Chinese partners in manufacturing, processing and marketing in their market as a solution to trade imbalance.

The Trade Promotion Department launched a book on the Chinese market at the workshop, including frequent problems.

Posted by VBN on May 10 2011. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry