Within the framework of the state visit of General Secretary and President To Lam to China, Minister of Industry and Trade Le Manh Hung and China’s Minister of Commerce Wang Wentao signed two important memoranda of understanding and set a target to raise bilateral trade turnover to USD 500 billion in the coming period—nearly double the USD 256.5 billion recorded in 2025…
On the afternoon of April 15, 2026, Minister Le Manh Hung held talks with Minister Wang Wentao. The meeting laid the groundwork for a series of concrete actions on cross-border e-commerce, market access for agricultural products, and the restructuring of supply chains between the two countries.
The talks took place as Vietnam–China trade relations reached a historic high. According to Vietnam Customs statistics, bilateral trade turnover in 2025 reached USD 256.5 billion, up 24.8% compared to 2024. China has remained for many consecutive years Vietnam’s largest trading partner and second-largest export market. Conversely, Vietnam continues to be China’s largest trading partner within ASEAN.
However, this large trade volume 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 northern neighbor.
Minister Le Manh Hung emphasized that both sides should focus on restructuring production, trade, and supply chains, placing supply chain cooperation at the center to steer bilateral trade toward a more balanced and sustainable direction.
Vietnam proposed that China increase imports of Vietnamese goods, expand the list of products eligible for tariff preferences, and further open its market. Specifically, Vietnam called for mutual recognition of sanitary and phytosanitary (SPS) inspection results for agricultural, forestry, and fishery products—one of the most significant non-tariff barriers for Vietnamese exports to China.
Vietnam also proposed facilitating participation in the “Large Market Sharing – China Exports” program and expanding trade promotion offices across Chinese localities.
Minister Wang Wentao agreed with these proposals. China confirmed its continued support for Vietnam in establishing additional trade promotion offices, following the three already operating in Chongqing, Hangzhou, and Haikou.
Regarding the “Large Market Sharing” program, China invited Vietnam to participate in five activities under the 2026 program and welcomed Vietnam as a featured country in the 2027 event series—a position with high trade promotion value.
A key highlight of April 15, 2026, was the signing ceremony of two memoranda of understanding witnessed by the top leaders of both countries.
The first document is the “Memorandum of Understanding on the Establishment of a Negotiation Working Group to Promote the Development of Vietnam–China Cross-Border Economic Cooperation Zones,” providing an institutional framework for a form of regional economic cooperation that has seen success among neighboring countries.
The second document is the “Memorandum of Understanding on the Establishment of a Working Group on Vietnam–China Production and Supply Chain Cooperation,” a direct mechanism to implement the supply chain restructuring strategy emphasized by Minister Lê Mạnh Hùng. In the context of global supply chain shifts and the “China +1” trend reshaping Asia’s manufacturing geography, this working group carries strategic significance beyond bilateral relations. It serves as a mechanism for Vietnam to proactively position itself in the regional division of labor rather than passively receiving relocation flows.
On cross-border e-commerce, Minister Wang Wentao suggested that Vietnam enhance the presence of its National Pavilion on Chinese e-commerce platforms to promote Vietnamese goods directly to Chinese consumers. This distribution channel is rapidly growing and holds strong potential, especially for Vietnam’s agricultural products, food, and consumer goods, which are gaining increasing interest among Chinese consumers.
The two ministers also agreed to establish a joint technical working group to review and accelerate the implementation of high-level agreements and commitments reached during the talks.
The target of achieving USD 500 billion in bilateral trade was reaffirmed by both ministers as a long-term strategic direction, nearly doubling the 2025 figure of USD 256.5 billion.
On this occasion, Minister Wang Wentao invited Minister Le Manh Hung to lead a Vietnamese delegation to attend the APEC Ministers Responsible for Trade Meeting to be held in Suzhou from May 22–23, 2026. Minister Le Manh Hung also invited Minister Wang Wentao to visit Vietnam at a suitable time to further discuss areas of mutual interest.
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