Hanoi (VNA) – Vietnam’s trade balance with China is expected toimprove after enterprises from the two nations inked investment contracts at atrade connection conference in Hanoi on November 8.

The event, held by the Vietnam Trade Promotion Agency under the Ministry ofIndustry and Trade and China’s Foreign Trade Department under the Ministry ofCommerce, was attended by representatives from sectors, departments, associationsand more than 100 import-export enterprises from the two countries.

Bui Huy Son, Head of the Vietnam Trade Promotion Agency, said thatVietnam-China trade ties have been growing and China is one of the biggest tradepartners of Vietnam.

Breakthroughs have been made in two-way trade which surpassed targets set byleaders of both nations, he said, noting that with similarities in culture andgeographical location, China is always a top market for Vietnam.

According to statistics from the General Department of Vietnam Customs,bilateral trade revenue reached 71.9 billion USD in 2016, a year-on-yearincrease of 7.9 percent. Vietnam exported 21.97 billion USD worth of productsto China while spending 49.93 billion USD on Chinese goods.

By the end of September, Vietnam had earned 22.2 billion USD from exports tothe neighbouring country, surging 62.2 percent from the same time last year.Its imports from China increased 15.9 percent to 41.7 billion USD.

Statistics from the China’s General Administration of Customs showed thatVietnam has risen to become largest trade partner of China in ASEAN and itsninth largest in the world.

Notably, with China’s foreign trade andimports from ASEAN falling this year, the value of the country’s purchases fromVietnam has continued to grow by double digits.

Zhi Luxun, Deputy Director-General of the Department of Foreign Trade, saidthat both sides pose huge trade cooperation potential as they enjoy soundbilateral ties.

Visits made by high-ranking Vietnamese and Chinese leaders over the yearstogether with joint statements and cooperative documents are evidence of theopportunities to bolster investment and business cooperation between the twocountries.-VNA