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China-Vietnam trade to surpass US$5b
Updated: 2004-09-01 15:28

The two-way trade of China and Vietnam will exceed US$5 billion this year, according to Hu Chusheng, director of the China Foreign Trade Center.

The forecast is based on the increasing bilateral trade turnover between the two countries, which stood at more than US$3 billion in the first half of this year, said the director, who has paid a working visit to Vietnam.

The two-way trade of China and Vietnam will climb further due to the continued implementation of the Early Harvest Program (EHP), part of an agreement on comprehensive economic cooperation between China and the Association of the Southeast Asian Nations (ASEAN).

Under the EHP, Vietnam will have to eliminate tariffs on 88 items imported from China by 2008, while China is to offer tariff exemptions to 206 Vietnamese items by 2006.

China now ranks the first among exporters of goods to Vietnam and the third among importers of the country. It mainly exports petroleum products, machinery, medicines and materials for agricultural and apparel production to Vietnam, and imports crude oil, rubber, fruits, vegetables, seafood and materials for medicine production from the country.

The bilateral trade turnover, which reached US$4.6 billion in 2003, has been targeted at US$10 billion in 2010.

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