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Vietnam becomes biggest trade partner of China in ASEAN

Vietnam has surpassed Malaysia to become the biggest trade partner of China in ASEAN, Hu Suojin, Trade Counsellor of the Chinese Embassy in Vietnam, said at a press conference in Hanoi on July 26.
Vietnam becomes biggest trade partner of China in ASEAN ảnh 1At the press conference held by the the Chinese Embassy in Vietnam on July 26 (Photo: VNA)
Hanoi (VNA) – Vietnamhas surpassed Malaysia to become the biggest trade partner of China in ASEAN, HuSuojin, Trade Counsellor of the Chinese Embassy in Vietnam, said at a pressconference in Hanoi on July 26.

According to the diplomat, tradebetween Vietnam and China was estimated at around 66 billion USD in the firsthalf of 2018, with the average monthly total for bilateral trade during theperiod breaking records to exceed 10 billion USD.

In June alone, China’s tradevalue with Vietnam reached 11.2 billion USD, higher than the figure withMalaysia, at 9.3 billion USD.

China-Vietnam trade grew 28.8percent from the same period last year, compared to the 15.5 percent annualgrowth of China-Malaysia trade.  

The year-on-year growth rates ofChinese exports to Vietnam and of Vietnamese exports to China were at 23.5percent and 37.4 percent, respectively. In February, China surpassed the US tobecome the biggest export market of Vietnam.

In terms of investment, Hu said theinflow of Chinese investment into Vietnam is growing in line with the country’soverseas investment growth.

In 2017, China’s foreign directinvestment (FDI) in Vietnam exceeded 2.1 billion USD, the highest level todate.

Since the beginning of 2018,China has invested 330 million USD in 163 new projects in Vietnam, ranking 6th amonginternational investors in the Southeast Asian country.

Chinese contractors have alsoundertaken projects in Vietnam for about 6 billion USD per year on average. Inthe first half of the year, the figure was 2.4 billion USD.-VNA
VNA
#Vietnam-China trade #China's biggest trade partner in ASEAN #Chinese Embassy in Vietnam #first half of 2018 #China-Malaysia trade #Vietnamese exports to China #foreign direct investment #vietnamplus #Vietnam News Agency China Vietnam

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