Vietnam is always proactive in improving its trade balance with China.

On the morning of June 2, Minister of Industry and Trade Vu Huy Hoang explained to the National Assembly about the situation of international economic integration and trade relations between Vietnam and foreign countries, including China.

According to the Minister, since 2007, when Vietnam officially became a member of the WTO, the import-export picture has improved a lot, Vietnam's export growth rate has been increasing and has tripled in the past 6 years (from 46 billion USD in 2007 to 133 billion USD in 2013). The trade deficit has also gradually decreased over the years, although it is still not stable, but in terms of direction it is positive and the trade deficit has not decreased due to a decrease in imports but due to an increase in exports.

Currently, Vietnam has trade relations with more than 180 countries and territories, focusing on major partners such as the US, EU, Japan, ASEAN countries, and China, of which China is an important partner.

According to statistics, in 2013, Vietnam's exports to China accounted for about 9% of total export turnover, and imports from China accounted for about 23% of total import turnover. Although China is an important partner, the constant trade deficit with China has received the attention of the whole country and requires solutions to improve the trade balance.

Vietnam is always proactive in improving its trade balance with China.

Recognizing this issue, over the past years, relevant ministries, branches and enterprises have taken many measures, including signing agreements with China in which China will increase agricultural imports from Vietnam, moving towards signing a rice trade cooperation agreement.

"We have been proactive, not waiting until now, to find every measure to improve the trade balance with China," the Minister affirmed.

At the same time, Vietnam is currently enjoying many advantages in international integration. Major partners such as the European Union and Asia-Pacific countries are all looking forward to promoting trade links with Vietnam, creating more favorable conditions for Vietnamese goods to penetrate large markets.

“In the regular government meeting last May, the Government assigned relevant ministries and branches to further promote restructuring, arrangement and change of markets, and the current situation further encourages us to carry out this work more vigorously,” said the Minister.

The Minister also noted that in the integration process, in addition to opportunities, there are also challenges, in which farmers are vulnerable. Therefore, in trade negotiations, the Government always focuses on farmers, ensuring to maintain reasonable protection for farmers in certain agricultural products. Currently, trade negotiations with all partners have been and are being carried out in accordance with the principle of all parties balancing interests, respecting political institutions, achieving fundamental benefits, with areas of trade in which Vietnam is still weak but has potential, following a roadmap.

According to Hanoi Moi Online