Vietnam is finalizing its domestic procedures to proceed with signing the Protocol to upgrade the ASEAN-China Free Trade Agreement (ACFTA 3.0) as planned. This significant commitment marks a new step forward in bilateral economic relations, which have been elevated to a strategic level with the establishment of the "Vietnam-China Community with a Shared Future."
On the sidelines of the 47th ASEAN Summit in Malaysia, Vietnamese Minister of Industry and Trade Nguyen Hong Dien held a bilateral meeting with Chinese Minister of Commerce Wang Wentao on October 27.
During the meeting, the two ministers agreed that amidst complex developments in the regional and global economy, both sides need to strengthen and promote cooperation to create practical value for their citizens and businesses. The upgrade of ACFTA to version 3.0 will not only expand the scope of tariff preferences but also create a more favorable legal framework for trade in services, investment, and cooperation in new areas such as the digital economy and green transformation.
In recent years, China has affirmed its position as Vietnam's most important trading partner. In 2024, bilateral trade turnover reached $205.2 billion, setting a new record for bilateral commerce. This figure not only reflects the immense scale of trade but also highlights the high complementarity in the commodity structure between the two economies.
Data from the Vietnam Trade Office in China shows that strong growth momentum has been maintained in 2025. Export turnover to the Chinese market for the first 8 months recorded a 9.2% increase, 2.1 percentage points higher than the 7-month figure.
Vietnam's key export products to China include agricultural produce (rice, coffee, cashews, fruits), seafood, electronic components, textiles, rubber, and crude oil. Particularly, products such as durian, dragon fruit, mango, and passion fruit not only have a firm foothold but also recorded strong growth in the final months of 2025.
Conversely, Vietnam imports machinery, industrial equipment, raw materials for production, consumer goods, and electronic components from China.
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