China-Vietnam Bilateral Trade Reaches $229 Billion in 2023, Tops ASEAN for Five Consecutive Years
From 2019 to 2023, China-Vietnam bilateral trade grew steadily, reaching $229 billion in 2023, making Vietnam China's top ASEAN trade partner for five consecutive years.
Analysis of China-Vietnam Bilateral Trade Trends
The trade relationship between China and Vietnam has deepened in recent years. According to UN Comtrade and industry estimates, total bilateral trade from 2019 to 2023 showed an overall upward trend, reaching over $230 billion in 2021 and remaining high with slight adjustments in 2022-2023.
Trade Volume by Year (in USD billions)
- 2019: 162
- 2020: 192
- 2021: 230
- 2022: 230
- 2023: 229
Growth Drivers
- Supply Chain Relocation: Some Chinese manufacturing shifted to Vietnam, boosting exports of intermediate goods and raw materials.
- Regional Comprehensive Economic Partnership (RCEP): Tariff preferences facilitated bilateral trade.
- Electronics and Components: Vietnam is a major exporter of electronics, heavily reliant on Chinese imports of parts.
Commodity Composition (2023 Estimated)
China exports mainly electromechanical products, textile materials, and steel to Vietnam; Vietnam exports agricultural products, electronics, and rubber. Electromechanical products dominate both directions.
Outlook
With continued RCEP benefits and improved cross-border infrastructure (e.g., China-Vietnam railways), bilateral trade is expected to grow steadily, though global economic slowdown and geopolitical risks remain concerns.
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