Vietnam-China trade turnover to hit US$50 billion this year

This was confirmed by the Asia-Pacific Market Department under the Ministry of Industry and Trade (MoIT).

Vietnam's key agricultural products to China include fruits and vegetables, cashew nuts, coffee, tea, rice, rubber, and cassava. Last year's export turnover of these commodities to China rose 17.37% to more than US$4.33 billion. Especially, rice and coffee rose sharply in both volume and value.

China is Vietnam's leading trade partner with bilateral trade turnover reaching US$41.1 billion in 2012.

Two-way trade turnover reached US$41.07 billion in the past ten months and is likely to hit roughly US$50 billion by the end of 2013.

At the eighth session of the China-Vietnam Economic and Trade Cooperation Committee held in Hanoi in April 2013, the MoIT and the Chinese Ministry of Commerce signed a memorandum of understanding on bilateral cooperation in agricultural exchange with the aim of creating a stable and transparent legal environment for Vietnam's farm products to penetrate the Chinese market.

(Source: VOVnews)