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During the State visit of General Secretary and President To Lam to China, Minister of Industry and Trade Le Manh Hung and Chinese Minister of Commerce Wang Wentao signed two important memoranda of understanding and set a target of increasing bilateral trade turnover to 500 billion USD in the near future, nearly double the 256.5 billion USD figure in 2025...
The signing ceremony for two important documents took place between the Ministry of Industry and Trade of Vietnam and the Ministry of Commerce of China.
On the afternoon of April 15, 2026, Minister of Industry and Trade Le Manh Hung held talks with Chinese Minister of Commerce Wang Wentao. This event laid the groundwork for a series of concrete actions on cross-border e-commerce, opening up agricultural markets, and restructuring supply chains between the two countries.
A $256.5 BILLION TRADE BASE AND THE STRUCTURAL BALANCE CHALLENGE
The talks took place against the backdrop of Vietnam-China trade relations reaching a historic high. According to statistics from Vietnam Customs, bilateral trade turnover in 2025 is projected to reach US$256.5 billion, a 24.8% increase compared to 2024. China continues to be Vietnam's largest trading partner and second-largest export market for many consecutive years. Conversely, Vietnam maintains its position as China's largest trading partner within ASEAN.
However, the large scale of trade comes with a persistent structural challenge: Vietnam's trade deficit with China remains high, reflecting its dependence on imported raw materials, components, and intermediate goods from the north.
Minister Le Manh Hung emphasized that both sides need to focus on restructuring production, trade, and supply chains, placing cooperation in production chains at the center to develop trade relations in a more balanced and sustainable direction.
Vietnam proposed that China increase imports of Vietnamese goods, expand the list of items eligible for preferential tariffs, and open its market. Specifically, Vietnam requested mutual recognition of plant and animal quarantine results for agricultural, forestry, and aquatic products—which is one of the biggest non-tariff barriers to Vietnamese agricultural exports to China.
Vietnam also requested favorable conditions for participation in the "Big Market Sharing – Export to China" program and the expansion of trade promotion offices in various localities in China.
Minister Vuong Van Dao agreed with all the above proposals. The Chinese side confirmed its continued support for Vietnam in establishing further trade promotion offices, following the three existing offices in Chongqing, Hangzhou, and Haikou.
Regarding the "Big Market Sharing" program, China invited Vietnam to participate in five activities within the framework of the program in 2026 and welcomed Vietnam as the theme country in the series of events in 2027 — a highly valuable trade diplomacy position.
TWO MEMORANDUMS OF UNION AND A $500 BILLION TARGET
The legal highlight of April 15, 2026, was the signing of two memoranda of understanding, witnessed by the General Secretaries and Presidents of both countries.
The first document is the "Memorandum of Understanding on the Establishment of a Working Group for Negotiating and Promoting the Construction of the Vietnam-China Cross-Border Economic Cooperation Zone" — a framework for institutionalizing a form of regional economic cooperation in the border area that has a successful precedent in many pairs of neighboring countries in the region.
The second document is the "Memorandum of Understanding on the Establishment of a Working Group for Vietnam-China Production and Supply Chain Cooperation" — a mechanism for directly implementing the supply chain restructuring orientation that Minister Le Manh Hung emphasized at the meeting.
Delegations from the Ministries of Industry and Trade of Vietnam and China at the meeting.
Set against the backdrop of global supply chain shifts, with the "China +1" trend reshaping Asia's manufacturing geography, the supply chain working group holds strategic significance that extends beyond bilateral relations. This mechanism allows Vietnam to proactively position itself within the regional division of labor, rather than passively receiving the shift.
Regarding cross-border e-commerce, Minister Vuong Van Dao suggested that Vietnam strengthen the presence of the Vietnam National Pavilion on Chinese e-commerce platforms to promote Vietnamese goods directly to Chinese consumers. This is a rapidly growing and promising distribution channel, especially for Vietnamese agricultural products, food, and consumer goods, which are currently attracting interest from Chinese consumers.
The two ministers also agreed to establish a joint technical working group to review and expedite the implementation of the high-level leaders' shared understandings and the commitments made during the talks.
The two ministers confirmed the target of increasing bilateral trade to $500 billion as a long-term strategic direction, representing nearly double the $256.5 billion figure projected for 2025.
On this occasion, Minister Vuong Van Dao invited Minister Le Manh Hung to lead the Vietnamese delegation to attend the APEC Trade Ministers' Meeting held in Suzhou from May 22 to 23, 2026. Minister Le Manh Hung also invited Minister Vuong Van Dao to visit Vietnam at a suitable time to continue in-depth discussions on areas of mutual interest and cooperation.
Source: vneconomy.vn
