Unlocking the vast potential for Vietnam's exports to China

Mr. Luong Van Tai, Third Secretary of Vietnam's Commercial Affairs in Beijing, China, predicts that the Chinese market would be completely open in 2023 and exhibit indications of recovery. In terms of international commerce, Vietnam is now China's fifth largest trading partner in the world. The entire bilateral trade volume reached a hopeful $229.8 billion, representing a 0.5% dip.

However, exports from Vietnam to China climbed by 4.8%, with several of Vietnam's strong product groupings performing well.

Regarding China's economic development trends in 2024 and beyond, Mr. Luong Van Tai stated that the populous nation is focusing on high-quality development, a green economy, and carbon emission reduction, with improved import quality being a prerequisite in foreign trade activities. Last year, China implemented many laws to tighten control over imported and exported commodities. This trend will continue, with high-quality goods fulfilling requirements benefiting from easier export circumstances, a modern, sophisticated distribution and logistics infrastructure, and a broad market reach.

Furthermore, in light of demographic shifts, China is concentrating on growing e-commerce, particularly cross-border e-commerce, due to a sizable older population. This affects both the job market and social security, as well as the consumer market. Consequently, China is vigorously pushing the "silver economy."

This economy contributes for 6% of GDP and is projected to grow to 10% by 2035. China's emphasis on elder care creates chances for the development of services and goods for this population. This is expected to be a market for Vietnamese enterprises concerned in senior care, such as those manufacturing support equipment, organic goods, pharmaceuticals, and so on, to explore and enter.

In 2024, the Vietnam Trade Office in Beijing, China, believes that trade cooperation between the two nations is essentially stable and will provide favorable outcomes. Many Chinese groups and corporations are arranging delegations to Vietnam to investigate investment and commercial prospects.

In the near run, given the rising cost of offshore transport, Chinese businesses are increasingly seeking import sources in neighboring regions to replace faraway orders. Food, confectionery, and beverages (bottled water) have recently sparked Chinese business interest in Vietnam. This market also increases imports of Vietnamese tropical agricultural products and premium fruits.

According to the commerce agency, Vietnamese goods have a significant export potential in China. Vietnamese enterprises continue to have several options to penetrate high-spending locations deep within China.

The Vietnam Trade Office in Beijing, China, touted the success of Vietnamese agricultural exports to China in 2023, particularly durian. Vietnamese durian has been legally exported to China since July 2022, and it has swiftly carved out a considerable market share in the nation, with a trade volume of more than $2 billion out of China's total import volume of more than $6 billion. The success of durian strongly implies that other Vietnamese fruits with comparable qualities can attain similar outcomes.