(VOV) – Diversifying markets overseas is an effective way to sustain Vietnam’s export growth and strike its trade balance with China, experts said in Hanoi on June 3.
Experts made the recommendation at a conference to address a fall in farm produce exports to China following tensions in the East Sea between Vietnam and China.
They agreed that the pressure from the territorial dispute has now directly spilled over into trade relations between Vietnam and China resulting in a sharp drop-off of Vietnamese exports and imports with China.
Agriculture ministry statistics show farm produce exports to China dropped more than 7% in May compared to April due to declining volumes of rubber and cassava.
The Ministry of Industry and Trade (MoIT) said that despite East Sea tensions, the trade exchange between Vietnam and China is returning to normal, but underlined the need to map out a new strategy for future trade relations with China.
MoIT Vu Huy Hoang said China is an important trade partner of Vietnam, and Vietnam needs to maintain and develop trade with this big neighbour.
However, he emphasised the need to diversify markets to reduce reliance on China as Vietnam’s trade deficit with China remains high.
The MoIT is currently working with Laos and Cambodia to prepare for the signing of agreements on border trade, significantly increasing Vietnamese exports to these markets, he said.
Vietnam and China signed a border trade agreement in 1999, and they agreed to renew it in late 2013. Yet, tensions in the East Sea are affecting the signing of the document.
The MoIT pledged to complete the signing process in the coming time.
Đăng ký: VietNam News
