Vietnam, China Boosting Trade to US$25B in 2010
Vietnam and China are boosting trade promotion programs with a view to raising their bilateral trade to US$25 billion this year, Vietnamese Deputy Minister of Trade and Industry Nguyen Thanh Bien said.
Despite negative effects of the global economic downturn, the two-way trade rose 5% on-year to US$21.35 billion in 2009.
China has remained Vietnam’s largest trading partner for the fourth consecutive year, Bien said at the Shaanxi-Hanoi trade and investment seminar held in Hanoi Mar. 31.
Vietnam, however, has incurred a huge trade deficit with China for years with the record high of US$11.3 billion in 2009, making up around 90% of Vietnam’s total trade gap, the General Statistics Office estimated in early January.
Vietnam’s export staples to China are coal, crude oil, ores and rubber while its major imports are machinery and equipment, computers and electronics, petroleum products, steel and iron and fertilizers. (Vietnam Economic Times)
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