Vietnam expects exports to China to post an annual growth rate of 13-14 percent in the next five years, local newspaper Vietnam News quoted the Vietnamese Trade Ministry as saying.
Trade between the two countries will increase as both are integrating more deeply into the global economy, the ministry said, noting that China, member of the World Trade Organization, will become a bigger market for Vietnamese exports, once Vietnam joins the organization, hopefully in 2006.
To boost exports to China, Vietnam will focus on traditional items as farm produces, seafood, light industrial products, and raw materials, the ministry said, specifying that Vietnamese enterprises should directly join hands with major Chinese firms to set up stable seafood distribution networks, including showrooms and sale agents in such cities as Shanghai and Kunming.
Vietnam's rubber exports to China are expected to steadily rise in the coming time, as the latter still needs large volumes of the product. In 2004, China gobbled up 60 percent of Vietnam's total rubber exports, the ministry said.
Economic and trade relations between China and Vietnam have gained encouraging results in recent years, with China ranking as Vietnam's biggest trading partner. Chinese statistics showed that two-way trade reached US$6.74 billion in 2004, an all time high.