Exports to China projected to bounce back: MoIT

23-May-2020 Intellasia | VNA | 6:02 AM Print This Post

Exports to China may bounce back in the time to come thanks to rising demand as the northern neighbour further contains COVID-19, according to the Ministry of Industry and Trade (MoIT).

Bilateral trade hit more than 35 billion USD in the first four months of this year, of which Vietnam earned 12.7 billion USD from exports, a year-on-year increase of 22.1 percent.

China is Vietnam’s second-largest export market, with 15.7 percent of the total, behind the US, which has the lion’s share of 24.9 percent.

Vietnam purchased goods worth 22.38 billion USD from China in the four-month period, down 1.6 percent year-on-year.

Vietnam’s trade deficit with China fell to 9.68 billion USD from over 12 billion USD in the same period last year.

The recent re-opening of a number of auxiliary border gates and crossings has helped revitalise bilateral trade.

Even though the pandemic has forced countries to restrict movement, which hurt trade, Vietnam has bolstered trade activities through online channels and expanded its export markets, the ministry said.

The Vietnam Trade Promotion Agency (VIETRADE) at MoIT and the Department of Commerce in China’s Guangxi province held the Vietnam-China online trade conference in April, with more than 150 enterprises in farm produce and foodstuff taking part.

To remove bottlenecks in exports, MoIT suggested the government allow the resumption of trade activities at all borders.

Border gates and crossings already allowed to re-open include Binh Nghi, Na Hinh, Na Nua, and Po Nhung in Lang Son province and Bac Phong Sinh and Ka Long in Quang Ninh province.

When deciding upon the re-opening of other gates, authorities in border localities have been asked to consider the current circumstances while giving priority to disease prevention and control./.

https://en.vietnamplus.vn/exports-to-china-projected-to-bounce-back-moit/173687.vnp

 


Category: Economy, Vietnam

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