China is a large market with a high demand for products thatVietnam specialises in, such as wood and furniture, agriculturalproducts, foodstuff and raw materials, according to the China-ASEAN Expo(CAEXPO) Secretariat.
However, it said that only a fewVietnamese enterprises had successfully utilised opportunities tointroduce their products and services to Chinese consumers.
As well as facilitating exports to China, Vietnam has vowed tocreate favourable conditions for Chinese firms to develop industrial andexport processing zones in the country.
According to thedeputy general director of the Ministry of Industry and Trade's AsiaPacific Market Department, Dao Ngoc Chuong, these conditions couldsupport the industrial production and export processes.
Chuong also encouraged firms to improve the value of Vietnamese exportsfor which China has a long-term consumption demand or can re-exportto third countries.
The General Department of Customssaid Vietnam 's trade deficit with its northern neighbour has hit6.55 billion USD already this year, an amount equivalent to 40 percentof 2012 in its entirety.
During the period, Vietnamexported only 3.88 billion USD worth of goods to China while itsimports from the country stood at 10.43 billion USD, the departmentsaid.
Since 2000, the structure of Vietnamese goodsexported to China, mainly including mineral resources, agriculturalproducts and seafood, has remained unchanged. This is an explanation forthe deficit with China rising from 210 million USD in 2001 to 16.39billion USD in 2012, Chuong said.
During the eighthsession of the Vietnam – China Joint State Commission on Economicand Trade Co-operation held last month in Hanoi, the two sidessigned an MoU on bilateral cooperation in agro-products trading.
This was an important agreement helping the partners in this sector,especially as Vietnam has the potential to boost the export of theseproducts to China with a view to lowering the trade deficit.-VNA
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