China has been the top partner of Vietnam in investment, commerce, and tourism for many years while Vietnam has become an attractive destination for Chinese businesses.

Two-way trade turnover has continued upwards in recent times, hitting $100 billion in 2018 then rising to $166 billion in 2021 and over $175.5 billion in 2022, figures from the General Statistics Office reveal.

In the first ten months of this year two-way trade stood at nearly $140 billion.

Trade value with China accounted for the largest proportion of countries and territories that are partners of Vietnam, reaching 25.1 per cent in the first ten months.

China is Vietnam’s second-largest export market, following the US. In the ten-month period, the country’s export revenue fell 7 per cent year-on-year but exports to China still fetched over $1 billion.

In terms of investment, figures from the Ministry of Planning and Investment show that China had 4,203 active projects in Vietnam as of the end of November with total investment capital of $27.2 billion.

In the first eleven months of the year, China invested in 632 new projects in the country with total investment capital of $3.8 billion, ranking it first in project numbers and second in capital.

Tourism cooperation between the two countries, meanwhile, has continued to be boosted and the two sides are striving to recover to levels prior to Covid-19.

Vietnam welcomed over 1.5 million Chinese tourists in the first eleven months, according to the General Statistic Office.