Vietnam's exports to China
- Export turnover
For many years, China has remained one of Vietnam's most important export markets. In 2022, China continued to hold its position as Vietnam's largest export market in Asia and the second largest one in the world, with Vietnam's export turnover to this country reaching 87.96 billion USD. Although the growth rate of Vietnam's exports to China has fluctuated over the years, in general, in the period 2013-2022, Vietnam's exports to China have seen outstanding growth with export turnover increasing more than 5 times, from 16.89 billion USD in 2013 to 87.96 billion USD in 2022 (ITC Trademap, 2023). Vietnam's average export growth rate to China in this period is 19.42%/year, one and a half times higher than Vietnam's average export growth rate to the world in the same period (12.55% /year). It can be seen that Vietnam's export potential to this market is very significant.
China’s market accounts for nearly 1/3 of Vietnam's export turnover to Asia, and 18.73% of export turnover to the world. China is always on the list of Vietnam's main export partners, along with the United States, Japan and South Korea. The large purchasing power of the Chinese market and the close geographical advantage between Vietnam and China makes trade between the two countries more convenient.
As for China, Vietnam is also in the top 10 largest goods suppliers of China in 2022, with import turnover of goods from Vietnam accounting for 3.24% of the country's total import value of goods ( ITC Trademap, 2023). China currently imports mainly from Chinese Taipei, South Korea, Japan, the United States, Australia, Russia, Germany, Malaysia, and Brazil. The potential and space/room for Vietnamese exports to this market are still very large.
Table 1 - Vietnam's exports to China in the period 2013-2022
|
Year |
Vietnam’s export value to China (billion USD) |
Vietnam's export growth rate to China |
Vietnam’s export growth rate to the world |
|
2013 |
16.89 |
4.07% |
15% |
|
2014 |
19.91 |
17.88% |
14% |
|
2015 |
25.13 |
26.22% |
8% |
|
2016 |
37.22 |
48.11% |
9% |
|
2017 |
50.37 |
35.33% |
22% |
|
2018 |
64.09 |
27.24% |
13% |
|
2019 |
64.12 |
0.05% |
9% |
|
2020 |
78.47 |
22.38% |
6% |
|
2021 |
92.32 |
17.65% |
19% |
|
2022 |
87.96 |
-4.72% |
10.5% |
Source: ITC Trade Map, 2023
- Main export products and market shares
Vietnam's main export products to the Chinese market in 2022 are electrical machinery and equipment, footwear, clothes, rubber, wood, cotton, seafood, fresh fruits, etc.
Among the above products, Vietnam is in the top 5 largest exporting countries to China for 9 out of 10 product groups. China's market share of imported Vietnamese products is also quite significant. Footwear, cotton, and clothes are Vietnamese product groups with the largest import market share in this country's market (compared to the market share of other Vietnamese products), accounting for 40.5%, 23.3%, and 17.4%, respectively.
The main competitors of Vietnamese goods in the Chinese market are Taipei, the United States, South Korea, Japan and ASEAN countries (such as Malaysia, Indonesia, Thailand, Laos, Myanmar, Philippines).
Table 2 - Top 10 products exported by Vietnam to China in 2022
|
HS code |
Goods description |
Export turnover (billion USD) |
Proportion in total import value of China (%) |
Top 5 import partner of China |
|
85 |
Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles |
54.33 |
8.43% |
Taipei (China), South Korea, Vietnam, Japan, Malaysia |
|
84 |
Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof |
6.22 |
3.08% |
Japan, Germany, Taipei (China), South Korea, The US |
|
64 |
Footwear, gaiters and the like; parts of such articles |
2.52 |
40.51% |
Vietnam, Italy, Indonesia, The US, India |
|
40 |
Rubber and articles thereof |
2.43 |
13.1% |
Thailand, Vietnam, Malaysia, Japan, South Korea |
|
44 |
Wood and Articles of wood; wood charcoal |
2.31 |
10.41% |
Russia, New Zealand, Vietnam, The US, Thailand |
|
52 |
Cotton |
2.17 |
23.33% |
The US, Vietnam, Brazil, Pakistan, India |
|
03 |
Fish and crustaceans, molluscs and other aquatic invertebrates. |
1.67 |
8.89% |
Ecuador, Russia, Vietnam, India, Canada |
|
08 |
Edible fruit and nuts; peel of citrus fruits or melons. |
1.50 |
9.01% |
Thailand, Chile, Vietnam, Philippines, The US |
|
62 |
Articles of apparel and clothing accessories, not knitted or crocheted |
0.94 |
17.44% |
Italy, Vietnam, France, Romani, Bangladesh |
|
11 |
Products of the milling industry; malt; starches; inulin; wheat gluten |
0.81 |
32.20% |
Thailand, Vietnam, Laos, Japan, Cambodia |
Source: ITC Trade Map, 2023
Source: Center for WTO and International Trade
