Vietnam seeks increased trade exchange with China

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Hanoi Times English - 44 month(s) ago 8 readings

Vietnam seeks increased trade exchange with China

The hanoitimes- Vietnam should further develop key commodities for the Chinese market, which is boasting a lot of potential, said a Vietnamese official.

Dao Ngoc Chuong, Deputy Head of the Asia-Pacific Market Department (APMD) under the Ministry of Industry and Trade (MoIT) said China was Vietnam’s leading export market and the third-biggest importer, after the United States and Japan.

Statistics of MoIT showed that last year, two-way trade turnover reached 27.33 billion USD, up 28 percent from 2009. Of this figure, Vietnam’s export was 7.3 billion USD, up 49 percent and import 20.2 billion USD, a rise of 21 percent.

So far, the legal framework for the two countries’ trade is increasingly suitable and in line with international law.

China supplied fuel and raw materials of strategic significance to Vietnam's economy. In return, it needs a great amount of Vietnamese products, such as rubber, coffee, fruits, high-grade wooden furniture, aquatic products and consumer goods.

However, APMD experts also warned Vietnamese businesses about risks in trade exchange with China, such as transparency in partners’ operations, including their valid business certificates and service prices

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