An array of domestic products, such as seafood and agricultural goods are set to be exported to the Chinese market through official channels, said Do Thang Hai, Deputy Minister of Industry and Trade in an interview granted to a VOV reporter during the second China International Import Expo (CIIE) 2019 in Shanghai.
Do Thang Hai, Deputy Minister of Industry and Trade
The number of local businesses and booths at the trade fair has significantly increased in comparison to recent years. This indicates that Vietnamese authorities and businesses have made great strides in bolstering sustainable exports to the 1.4 billion-strong market present in China, Hai said.
The Deputy Minister revealed that a number of domestic dairy companies will be allowed to export to the Chinese market via official channels in the near future.
At present, the
Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development along with the Vietnamese Embassy in China, has been working alongside the business community to actively boost the introduction of strong local goods into China.
Mr Hai has advised local businesses to improve the quality of their products and comply with the strict regulations set by localities and the Chinese government in order to penetrate the market.
Despite these positives, the Deputy Minister acknowledged that China remains one of the markets with the highest trade deficit with Vietnam. According to the Ministry of Industry and Trade, trade turnover between both countries by the end of September 2019, reached US$83.67 billion, an increase of 9.95 per cent on-year.
Most notably, the nation’s exports declined by 2.06 per cent, while imports increased by 17.28 per cent, leaving a total trade deficit of US$27.18 billion, up 47.58 per cent.
According to Do Thang Hai, aside from reducing imports as a means of maintaining the trade balance, one of the key objectives is to increase exports to the Chinese market.
Moreover, the Ministry of Industry and Trade is helping businesses to gain further insights into the market, in addition to organising trade promotion activities.
Currently, China remains the country’s largest trading partner and second largest export market, following the United States.
This year’s strong participation in the expo will help elevate the nation’s image and boost the reputation of strong Vietnamese goods.
Simultaneously, the event will help Vietnamese firms improve their competitiveness and gain easier access to the Chinese market, especially the Shanghai market and a number of other major Chinese cities through official channels.