Two-way trade between Vietnam and China is expected to amount to US$100 billion this year, one year earlier than planned, according to economic and commercial counselor of the Chinese Embassy in Vietnam Hu Suo Jin.

Hu told reporters in Hanoi on Tuesday that trade between the two countries is growing fast and that Vietnam is poised to become China’s biggest ASEAN trade partner this year.

Hu was quoted by the Vietnam News Agency as saying that Vietnam is the second biggest trade partner in the ASEAN region, after Malaysia. Meanwhile, China is the biggest import market and the fourth biggest export market of Vietnam.

Statistics of China showed two-way trade between Vietnam and China reached US$95.8 billion last year, up 14.6% against 2014. Of which, China exported US$66.1 billion worth of products to Vietnam, up 3.8% year-on-year, and spent US$29.7 billion on imports from Vietnam, rising by 49.1%.

Bilateral trade in January alone totaled US$7.8 billion, well above China-Malaysia trade of US$6.5 billion. 

Vietnam-China trade currently accounts for 2.4% of China’s total, up by 1.4 percentage points from five years ago.

Hu said the trade imbalance between Vietnam and China is narrowing, with Vietnam’s trade deficit with China shrinking to US$7.4 billion last year.

He noted the imbalance of trade problem cannot be solved overnight.

According to the counselor, both countries have taken measures to balance bilateral trade. Vietnam has increased exports of electronic devices, machines and value-added products to China while China has imported more from Vietnam.

Regarding cross-border trade, the counselor said it is an important part in Vietnam-China trade ties and gets attention of the two governments as it relates to the lives of border residents.

Vietnam and China are negotiating a cross-border trade agreement and their representatives will meet in Yunnan Province on March 23-24. The two countries look to sign a new pact this year.