According to data from the General Administration of Customs of China, despite the many difficulties caused by COVID-19, China’s foreign trade volume has increased by nearly 2 percent, making China the only major economy in the world that achieved positive growth in commodity trade in 2020. Among them, it is worth noting that Vietnam surpassed Germany for the first time and became China’s sixth largest trading partner.

It is reported that in 2020, the bilateral trade volume between Vietnam and China reached a record of USD 192.2 billion, an increase of 18.7 percent. Among them, Vietnam’s exports to China increased by 22.4 percent.

 

“This is the good result of bilateral trade exchanges. Most notably, in 2020, Vietnam has surpassed Australia and Germany to become China’s sixth largest trading partner in the world. The achievement of the above results is the close and strong guidance of government leaders, relevant departments and localities, so as to overcome the difficulties encountered in trade cooperation and goods exchange between the two countries. In addition, the two sides have maximized the complementarity of the export commodity structure of the two countries and created important prerequisites for the sustained and stable growth of the bilateral trade volume.” Tao Yueying, Commercial Counselor of the Vietnamese Embassy in China said.

 

Under the background that the pandemic has caused a significant increase in freight rates, the geographical advantage also provides favorable conditions for the diversification of cargo transportation between the two countries, which helps reduce transportation costs and time.

 

“In 2021 and beyond, the potential for trade cooperation between Vietnam and China is still huge, because the trade cooperation between the two countries has maintained a momentum of stable development. “Tao Yueying said.