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China – key market for trade promotion in 2024

Alongside efforts to enhance trade promotion in various markets and boost exports, China has been identified as a key market for trade promotion in 2024.

Plenty of room to penetrate deeper into the market

According to Luong Van Tai, the Vietnamese Trade Office in Beijing, China’s economy is showing signs of positive recovery. China has issued many policies on import-export management, wherein goods meeting standards will be facilitated for export to this market. Particularly, the Vietnam-China trade cooperation has been maintained steadily, with forecasts indicating good results compared to the general commercial relationship between China and most major trading partners worldwide.

Statistics from the General Department of Customs showed that in 2023, Vietnam’s exports to China reached US$61.2 billion, up 6.4% compared to 2022 (equivalent to an additional US$3.7 billion in export turnover). The growth in exports to the Chinese market shined amidst the backdrop of subdued global trade activities in the past year.

In particular, Tai highlighted a significant point in the upcoming period between the two countries: in 2025, Vietnam and China would commemorate the 75th anniversary of the establishment of diplomatic relations. Therefore, in 2024, it is forecasted that the mechanisms for trade cooperation will deepen. In trade promotion activities, China is expected to prioritize support for Vietnamese business delegations participating in these activities. This could be a good opportunity for businesses to access the market. Additionally, Chinese localities and business associations will organize more business delegations to Vietnam for surveys and to seek investment and business opportunities. As early as March, a delegation from Shandong Province with the participation of 50 large enterprises will visit Vietnam. This is a good opportunity for businesses to access and seek cooperation opportunities.

Moreover, according to Tai, Vietnam’s exports have many opportunities to penetrate deeper into this market. This is because, amid the high increase in shipping fees, many Chinese enterprises have been and are seeking import sources in neighboring regions to replace European businesses. Products that Chinese enterprises have shown interest in recently include various types of food, confectionery, beverages, and bottled juices. Additionally, it is forecasted that China will continue to increase imports of tropical agricultural products, including high-quality fruit products from Vietnam.

“From the perspective of the Trade office, there is a huge potential for Vietnamese agricultural products in the Chinese market, especially in deep inland regions of China such as the northern region, northeastern region, and eastern region. These are areas with high spending levels,” analyzed a representative of the Vietnam Trade Office in Beijing and cited an example: a significant success in exporting Vietnamese agricultural products to China in 2023 was Vietnamese durians gradually gaining market share in this country. In 2023, the export of durians alone to China reached US$2.3 billion. It is worth noting that Vietnam only opened the durian export market to China in July 2022. “With the success of durians, other competitive fruit products of Vietnam may achieve even better results in 2024 and the following years,” expressed the representative of the Vietnam Trade Office in Beijing with hope.

Enhancing connectivity and expanding trade

Sharing the same viewpoint, Le Thanh Hoa, Deputy Director of the MARD’s Department of Quality, Processing and Market Development, stated that in 2024, China, Northeast Asia, the US, and the EU are four major markets for Vietnamese agricultural products. Therefore, the agricultural sector will focus on implementing important trade promotion programs to boost exports to these markets.

Recently, through negotiation activities and market opening, adding businesses and products allowed to export to markets have been actively implemented. In 2023, 38 seafood export establishments were added to South Korea, 13 seafood processing establishments to the EU, 45 shrimp packaging establishments to China, one establishment to the US, and two establishments to the Russian Federation; 6,997 planting area codes and 1,613 packaging establishment codes were issued for export to markets; new export products were added (watermelon to China; and fresh coconut to the US); especially, some agricultural products were officially exported to the US and China for the first time (durians, swiftlet nests, and Dien grapefruits).

According to the Department of Quality, Processing, and Development, with the Chinese market, in 2024, there will continue to be a focus on reviewing issues related to market opening, plans for opening markets for potential products, and the progress of market development for products that have been opened in the past; issues of import and export at border gates; and strengthening the organization of trade connection activities between Vietnamese and Chinese enterprises.

For sustainable exports, Hoa hoped to receive information from counselors, localities, and businesses to make proposals closely aligned with the real needs of the market. Because when opening the market, products that do not meet the standards according to local requirements encounter a lot of difficulties, such as opening the market but not being able to sell, or not having products to offer for sale.

“Localities, businesses, farmers, and ministries need to collaborate more closely to take Vietnamese agricultural products further, conquer challenging markets. Simultaneously, farmers and businesses need to comply with production processes to ensure food safety,” emphasized Hoa.

Source: Customs News

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