VN – second largest ASEAN trade partner of China

17:52 | 03/02/2015

 VGP – Viet Nam has become China’s second largest ASEAN trade partner in 2014 with the two-way trade turnover jumping 8.3% on-year to $480 billion, according to the China-ASEAN Business Council (CABC).

Illustration photo

China’s trade with Viet Nam recorded a growth rate of 27.73% while that with Myanmar hit 146%, according to the China-ASEAN Free Trade Area (FTA) Q4 Report.

The CABC said Viet Nam accounted for 11.16% of China’s total exports.  China’s largest trading partner for the year was Malaysia.

In its report, Xu Ningning, CABC Executive-General, forecasted trade for 2015 between the nations to increase on the back of the AEC formation by the end of the year.

He also predicted bilateral foreign direct investment between the two countries would hit a record high of $150 billion by 2020.

In addition, CABC released the 7th famous brand list of ASEAN and China which recommends 30 prestigious enterprises of both sides in the fields of pharmaceuticals, food, machines and equipment, electronic and construction products in a bid to help local firms expand markets and cooperation in the region.

                                                                                                                                                    By Ngoc Van