Vietnam-China Trade Hits Record of Over US$ 205 Billion in 2024
The year 2024 marks a significant milestone in trade relations between Vietnam and China, with the total trade turnover surpassing USD 200 billion for the first time, reaching USD 205.2 billion. Below are the highlights from the General Department of Customs' report.
Key Highlights
- Exports: Vietnam's exports to China reached USD 61.2 billion, a decrease of nearly USD 100 million compared to 2023.
- Imports: Goods imported from China amounted to USD 144 billion, an increase of USD 33.35 billion from the previous year.
- Trade Balance: Vietnam recorded a trade deficit of USD 82.8 billion with China.
Learn more:
- Vietnam ranks among the top 30 largest export economies in the world
- Top 30 largest import economies in the world, Vietnam ranks 22nd
12 Key Export Categories to China
In 2024, Vietnam recorded 12 export categories to China with a turnover of over USD 1 billion. Major items include:
- Phones and accessories: USD 15.44 billion
- Computers, electronic products, and components: USD 12.64 billion
- Fruits and vegetables: USD 4.63 billion
- Cameras, camcorders, and components: USD 3.6 billion
- Machinery, equipment, tools, and parts: USD 3.32 billion
- Rubber: USD 2.44 billion
- Textile fibers and yarns: USD 2.14 billion
- Wood and wooden products: Over USD 2 billion
- Footwear: USD 1.91 billion
- Seafood: USD 1.73 billion
- Textiles and garments: USD 1.33 billion
- Cassava and cassava products: USD 1.06 billion
18 Key Import Categories from China
Vietnam imported various essential goods from China, with 18 import categories having a turnover of over USD 1 billion, including:
- Computers, electronic products, and components: USD 34.59 billion
- Machinery, equipment, tools, and parts: USD 28.96 billion
- Phones and accessories: USD 9.98 billion
- Steel products: USD 9.05 billion
- Plastic products: USD 7.5 billion
- Iron and steel products: USD 5.1 billion
- Textile and footwear materials: USD 4.54 billion
- Chemicals: USD 3.85 billion
- Plastic raw materials: USD 3.42 billion
- Products made of plastic: USD 3.2 billion
- Base metals: Over USD 3 billion
- Products made of base metals: USD 2.73 billion
- Electric wires and cables: USD 2.57 billion
- Textile fibers and yarns: USD 2.2 billion
- Auto parts and components: USD 1.75 billion
- Cameras, camcorders, and components: USD 1.4 billion
- Wood and wooden products: USD 1.17 billion
- Coal: USD 1.1 billion
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- The impact of Trump’s tariffs on domestic trucking demand
Trends and Recommendations
The increasing import turnover from China highlights strong demand in Vietnam's industrial production and consumption sectors. However, the substantial trade deficit presents challenges for businesses in enhancing competitiveness and boosting export growth.
Businesses engaged in import and export activities should focus on optimizing logistics costs and partnering with reliable logistics providers like Real Logistics to ensure smooth and efficient cross-border transactions.
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