Vietnam’s exports to China rises by 10% per year, however, the country’s trade deficit with China remains large.
Deputy Head of the Finance Ministry’s International Cooperation Department Ha Duy Tung told a press conference on international economic integration held in Hanoi on June 3.
According to the ASEAN-China Free Trade Area (ACFTA), a 0 percent tariff will be applied to 90% of traded goods, which would enhance and promote bilateral trade relations. The question is that who can make use of the tariff cuts, Tung noted.
The General Department of Vietnam Customs said that China is the second largest importer of Vietnam (after the US). In the first eleven months of 2014, Vietnam exports to China reached US$13.53 billion, accounting for 9.9% of the country’s total export turnover.
However, there remains a big gap between imports and exports and in the last five years Vietnam has seen a trade deficit with China./.