Vietnam's exports to China increase 16.5% in first 4 months of 2016

HANOI - Exports of Vietnamese products to China are estimated to reach $5.8 billion in the first four months of 2016, an increase of 16.5 percent year-on-year, according to Vietnam's General Statistics Office on Thursday.

During the four-month period, the country spent $14.7 billion on imports from China, a decrease of 3.1 percent year-on-year.

Trade revenue between Vietnam and China is estimated to reach $20.5 billion in the four-month period, according to the office's report on Vietnam's socio-economic situation in the first four months of 2016 posted on its website.

During the period, bilateral trade revenue with China accounts for 19.66 percent of Vietnam's total trade revenue. China remains the biggest trade partner of Vietnam.

In total, Vietnam is expected to register $104.3 billion in trade revenue with foreign partners during the four-month period with export revenue of $52.9 billion (up 6 percent year-on-year) and import revenue of $51.4 billion (down 1.2 percent).

Earlier in March, Hu Suojin, commercial counselor of the Chinese Embassy in Vietnam said the target of reaching $100 billion in bilateral trade revenue in 2017 is expected to be realized in 2016.

In 2015, bilateral trade revenue between China and Vietnam hit $95.8 billion, a growth of 14.6 percent year-on-year.