China – Vietnam’s largest trading partner

In 2023, China continued to be Vietnam’s largest trading partner, with bilateral trade reaching 171.2 billion USD. The latest statistics from the General Department of Customs indicate that in 2023, Vietnam’s exports to China amounted to 61.2 billion USD, a 6.4% increase compared to 2022 (equivalent to an additional 3.7 billion USD).

The export growth to the Chinese market stood out amid global trade activities facing challenges in the previous year. In 2023, Vietnam recorded 12 commodity groups exported to this neighboring market with a value of 1 billion USD or more. Among them, the two largest groups with a value exceeding 10 billion USD were phones and components, reaching 16.87 billion USD, and computers, electronic products, and components, reaching 13 billion USD.

Other billion-dollar export groups included cameras, camcorders, and components; fruits and vegetables; machinery, equipment, tools, and spare parts.

  Durian is one of the agricultural export products experiencing a significant increase to China.

On the flip side, imports from China amounted to 110.64 billion USD, a decrease of over 7.3 billion USD compared to 2022. There were 17 import commodity groups from China with a value of 1 billion USD or more. Similar to exports, there were two import groups with a value exceeding tens of billions of dollars: computers, electronic products, and components at 23.4 billion USD, and machinery, equipment, tools, and spare parts at 22.5 billion USD.

With a total trade volume of 171.2 billion USD achieved in the previous year, China remains Vietnam’s largest trading partner, accounting for over 25% of the country’s total trade volume.

However, Vietnam’s trade deficit with China remains significant, with a trade gap of nearly 50 billion USD in the previous year.