Vietnamese firms attend China International Import Expo 2020
Up to 100 Vietnamese enterprises are participating in the China International Import Expo (CIIE) 2020, which opened on November 4 in Shanghai.
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According to Ministry of Industry and Trade (MoIT), this year’s event will be held over six days in an online format due to the impact of the novel coronavirus (COVID-19). During the exhibition, Vietnamese businesses are largely introducing a range of agricultural items, aquatic products, and processed food.
The Vietnam Trade Promotion Agency (VIETRADE) is collaborating with the event’s organising board to support local firms in attending a wide range of online trading activities and conferences, all of which will be held under the framework of CIIE 2020. This will be done to meet the demands of domestic enterprises in terms of export activities and their need to find more raw materials for production amid complicated developments caused by COVID-19.
According to a VIETRADE representative, if Vietnamese businesses were able to build stable official export channels, China would become Vietnam’s largest strategic export market. In this scenario, Vietnam would play the role as a gateway for the import and export activities of both ASEAN and China, therefore contributing to sustainable Vietnamese trade development.
According to statistics released by the General Department of Vietnam Customs, the first nine months of the year saw Vietnam’s trade turnover with China achieve positive growth, despite the impact of COVID-19. Its export turnover hit US$32.5 billion, marking a rise of 15.12%, while imports reached US$57.6 billion, an increase of 4.06%. As a result, Vietnam ran a trade deficit of US$25 billion with China, representing an annual decline of 7.48%.
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(Source: VOV)
