In recent years, the economic relationship between China and Vietnam has strengthened, with record trade levels. Vietnam's exports to China play a key role in driving growth for both economies.

According to Vietnam export data, Vietnam’s exports to China accounted for $92.81 billion in 2023, while Vietnam’s imports from China totaled $138.24 billion based on Vietnam import data for 2023, resulting in a trade balance/deficit of $45.43 billion. In the first half of 2024, the total trade between Vietnam and China crossed the $100 billion mark. In this article, we will explore the latest China-Vietnam trade statistics, focusing on Vietnam's exports to China.

China-Vietnam Trade Surplus Reach $68 Billion in 2024 | Vietnam Import-Export Trade with China

As per the Vietnam customs database, In recent years, Vietnam has been exporting more goods to China, creating a trade surplus of $45.43 billion in 2023. This happens when a country exports more than it imports.

According to  live Vietnam Shipment data of 2024, Vietnam-China trade surplus reached $68 billion in the first 10 months of 2024. 

The trade surplus is mainly due to the complementary nature of their economies. China has a large manufacturing sector, producing goods at low prices, while Vietnam's agriculture-based economy supplies products in demand in China.

Both countries have worked to strengthen their economic ties, leading to a notable rise in trade between them.

According to the latest trade data, China is Vietnam's largest trading partner, with the two countries engaging in trade worth billions of dollars each year. With $13.4 billion in exports and $9.99 billion in imports, China and Vietnam had a positive trade balance in September 2024, with a $3.43 billion surplus. Let us explore more about the China-Vietnam trade in 2023-24:

• Value of total trade

The entire value of trade between China and Vietnam in the first nine months of 2024 was $149.2 billion.

• Imports

Compared to the same period in 2023, Vietnam's imports from China increased by 32.2% to around $105 billion in the first nine months of 2024.

• Exports

In the first three quarters of 2024, Vietnam's exports to China were $44.4 billion, up 2.94% over the same period in 2023.

• Trade Deficit

In the first nine months of 2024, Vietnam's trade deficit was $60.4 billion. The majority of Chinese imports, according to the Ministry of Industry and Trade, are materials for export and domestic manufacture.

• Bilateral Trade

Vietnam and China's bilateral trade was more than $100 billion in the first half of 2024.

• Vietnam's trade share with China

China was the source of 32.9% of Vietnam's imports and 15.5% of its total exports in 2023.

Vietnam-China Bilateral Trade Statistics

• Vietnam's imports from China totaled $66.73 billion for the first half of 2024, a 34.1% rise (almost $17 billion more) from the same time the previous year. 
• 37.3% of Vietnam's total import revenue came from China. 
• Consumer items, textiles, machinery, and electronic components were among the main imports; the value of computer and electronic product imports alone approached $16 billion.
• Over the same time, Vietnam's exports to China were $27.8 billion, a small rise of 5.3%. 
• Electronics, phones, machinery, and wood products were among the main exports. 
• Vietnam's trade imbalance with China increased to about $39 billion by the end of June, up from $23.36 billion during the same period last year, as a result of the greater growth in imports relative to exports. 
• After making great strides in the first half of 2024, bilateral commerce is predicted to surpass $200 billion. If H1 growth tendencies continue into the upcoming months, the total might approach $190 billion; if the comeback is more robust, it could even surpass $200 billion.

Top 10 Vietnam Exports to China | Vietnam Export Data by Country

Vietnam exports a wide range of products to China, with some categories being more prominent than others. The key export categories from Vietnam to China include electronics, textiles, agricultural products, and machinery. These products are in high demand in the Chinese market, making Vietnam a major supplier to meet China's growing consumer needs. 

The top 10 Vietnam exports to China based on the Vietnam export data and Vietnam customs data for 2023 include:

1. Electrical machinery and equipment (HS code 85): $54.93 billion
2. Nuclear reactors and machinery (HS code 84): $8.10 billion
3. Edible fruit and nuts (HS code 08): $3.06 billion
4. Footwear (HS code 64): $2.69 billion
5. Rubber and articles thereof (HS code 40): $2.34 billion
6. Cotton (HS code 52): $2.15 billion
7. Wood and articles thereof (HS code 44): $1.85 billion
8. Optical, medical, and surgical instruments (HS code 90): $854.88 million
9. Articles of apparel and clothing, non-knitted (HS code 62): $815.11 million
10. Fish and other aquatic invertebrates (HS code 03): $782.65 million

Vietnam Imports from China | Vietnam Import Data by Country 

Vietnam's imports from China encompass a wide range of major import categories, with electronics, machinery, textiles, and plastics standing out as significant contributors to the bilateral trade relationship. 

These import categories play a pivotal role in fulfilling Vietnam's growing demand for consumer goods and industrial supplies. According to Vietnam import data and vietnam china trade statistics, these are the top 10 goods that Vietnam imports from China in 2023 include:

1. Electrical machinery and equipment (HS code 85): $45.91 billion
2. Nuclear reactors and machinery (HS code 84): $14.63 billion
3. Plastics and articles thereof (HS code 39): $6.69 billion
4. Iron and steel (HS code 72): $6.08 billion
5. Knitted or crocheted fabrics (HS code 60): $4.78 billion
6. Man-made filaments, man-made textile materials (HS code 54): $3.15 billion
7. Articles of iron or steel (HS code 73): $3.08 billion
8. Furniture, bedding, or mattresses (HS code 94): $2.53 billion
9. Organic chemicals (HS code 29): $2.36 billion
10. Vehicles (HS code 87): $2.34 billion

Vietnam-China Import-Export Trade Statistics in the Last 10 Years

China-Vietnam Trade Figures in the last 10 years: Total Trade Volume and Trade Balance

Vietnam-China Trade Agreements

• Ten trade agreements to improve trade and economic connections were signed by China and Vietnam on October 13, 2024. 
• These agreements included cooperation in agriculture, cross-border QR code payments, the expansion of cross-border railway lines, and the improvement of defense relations.
• Vietnamese Prime Minister Pham Minh Chinh and Chinese Premier Li Qiang met and signed the trade agreements. The two nations are also parties to the largest free trade agreement in the world, the Regional Comprehensive Economic Partnership (RCEP). For member nations, RCEP seeks to lower trade barriers and establish a more fluid trading environment.
• Vietnam's biggest trading partner and a key supplier of imports for its manufacturing industry is China. For the first three quarters of 2024, bilateral trade between the two nations increased by 21% to $148 billion.

Future Outlook of Vietnam-China Bilateral Trade

Looking ahead, the future of Vietnam's exports to China looks promising. With the ongoing efforts to enhance trade cooperation, streamline trade processes, and promote economic integration, there is vast potential for further growth in bilateral trade between the two countries. As both China and Vietnam continue to strengthen their economic ties, the prospects for increased trade, investment, and mutual prosperity are bright.

Conclusion

To conclude, Vietnam's exports to China are a critical component of the economic relationship between the two countries. By leveraging their complementary strengths, addressing challenges, and seizing opportunities, China and Vietnam can continue to deepen their trade relations and foster greater economic cooperation in the years to come.

China and Vietnam now have a stronger economic relationship, which has resulted in a notable increase in both bilateral trade and foreign direct investment. The two countries' bilateral commerce is expected to reach over $200 billion by the end of 2024, despite global economic concerns. However, increased import growth—particularly in consumer products, machinery, and electronic components—has resulted in a wider trade deficit between Vietnam and China. Regarding exports, new trade agreements that expand export prospects have helped to boost demand for Vietnam's agricultural products, particularly durians, in China.

FAQS on China-Vietnam Trade Statistics and Bilateral Trade

1. Who are the top 10 Vietnam Export partners?

Vietnam's top 10 export partners according to Vietnam export data by country in 2023 include:

1. USA: 30% (65 billion US$)
2. China: 21% (45 billion US$)
3. Japan: 7% (15 billion US$)
4. South Korea: 6% (14 billion US$)
5. Germany: 5% (12 billion US$)
6. Netherlands: 4% (10 billion US$)
7. United Kingdom: 4% (8 billion US$)
8. Thailand: 3% (7 billion US$)
9. France: 3% (6 billion US$)
10. India: 2% (5 billion US$)
11. What are the latest trade agreements between Vietnam and China?

Recent agreements emphasize expanding bilateral trade, reducing tariffs under the ASEAN-China Free Trade Agreement (ACFTA), and deepening cooperation in digital economy sectors and sustainable development.

3. What are the top 10 Vietnam phone exporting companies to China?

Vietnam's notable phone exporter companies who export phones to China according to the Vietnam export data for 2023 include:

• Samsung Electronics Vietnam: $10.2 billion (12,450 shipments)
• Vingroup (VinSmart): $2.5 billion (3,200 shipments)
• LG Electronics Vietnam: $1.8 billion (2,100 shipments)
• Oppo Vietnam: $1.4 billion (1,750 shipments)
• Xiaomi Vietnam: $1.2 billion (1,500 shipments)
• FPT Corporation: $900 million (1,200 shipments)
• Vivo Vietnam: $850 million (1,100 shipments)
• Foxconn Vietnam: $750 million (980 shipments)
• BKAV: $500 million (750 shipments)
• Techno Vietnam: $450 million (600 shipments)

4. Who are Vietnam's top textile exporting companies to China?

Top textile importers in Vietnam who import textiles to China as per the Vietnam textile export data for 2023 include:

• Vinatex (Vietnam National Textile and Garment Group): A state-owned giant with substantial exports to China.
• TNG Investment and Trading JSC: Known for high-quality garments and apparel.
• Phong Phu Corporation: Specializes in denim and fabric manufacturing.
• Thanh Cong Textile Garment Investment Trading JSC (TCM): Renowned for integrated manufacturing processes.

5. Which is the top Vietnam footwear exporting company to China?

Vietnam ranks among the largest footwear exporters globally, with a growing market share in China due to competitive pricing and high-quality manufacturing. Top Vietnam footwear exporting companies to China as per Vietnam footwear export data include:

• Pou Chen Corporation (Vietnam): A Taiwanese-invested firm in Vietnam, one of the largest footwear manufacturers for brands like Nike and Adidas, exporting extensively to China.
• Biti's: A Vietnamese brand with growing recognition in China.
• TBS Group: A major supplier of leather shoes to international markets, including China.

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