Exports to China projected to bounce back after COVID-19: MoIT

Update: 16:35 | 22/05/2020
Exports to China may bounce back in the time to come thanks to rising demand as the northern neighbor further contains COVID-19, according to the Ministry of Industry and Trade (MoIT).
TIN LIÊN QUAN
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Container trucks pass through the Huu Nghi International Border Gate in Lang Son Province. (Photo: VNA)

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

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

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

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

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

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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) under the 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 permitted 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.

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(Source: VNA)