China is the main outlet for many of Vietnam’s export products. Therefore, the reopening of the Chinese market from 1is January 2023 raised high expectations for Vietnamese companies specializing in vegetables and fruits, aquatic products, fibers, cement, rubber, steel, textiles, rice…
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In fact, China’s “Zero Covid” policy significantly affected the country’s merchandise export turnover to this market in 2022, with growth only over 3% compared to 2021. Exports of products such as vegetables, rice, textiles, cashew nuts, crude oil, plastic products… have fallen sharply.
| Export of durian to China. |
| Photo : VNA/CVN |
But since Jan. 8, 2023, China has reopened its borders with many easing policies on entry-exit and export of goods, helping trade between the two countries rebound strongly.
According to the Ministry of Industry and Commerce, in the first two months of 2023, the export turnover of Vietnamese goods to the Chinese market reached 8.2 billion dollars, up 4, 2% in annual variation. China continues to be the largest supplier of goods to Vietnam in the first month of 2023 with an estimated revenue of $14.6 billion, down 21.2 percent from the same period of 2022.
The reopening of China has helped trade between the two countries to gradually become active once more. But China now has very new and quite strict regulations for imported goods, so companies need to prepare carefully for their return to this important market.
Take advantage of opportunities
To promote the export of agricultural and aquatic products to this market, To Ngoc Son, deputy director of the Asia-Africa Markets Department (Ministry of Industry and Trade) recommended that localities and management agencies develop a industry and brand development strategy along with the construction of large-scale concentrated production areas. For businesses, it is necessary to regularly update and comply with regulations on quality standards, quarantine, packaging and traceability of the Chinese market. In addition, companies should focus on building brands, protecting them, and carefully studying market development needs and trends.
In order to take advantage of the opportunities of the reopening of China, at the beginning of the year, the Ministry of Industry and Trade decided to help Vietnamese companies to seize the opportunities to export fruits and vegetables as fruits of the dragon, watermelon, lychee, longan, banana, mango, jackfruit, rambutan, mangosteen, passion fruit, durian, sweet potato, swiftlet nest…
The ministry also helps them showcase their products at major fairs and exhibitions in China, seek business opportunities, partners and suppliers, said Vu Ba Phu, director of the Department of Trade Promotion of the Ministry of Industry and Trade.
VNA/CVN