Vietnam: Report on the situation of import and export of agriculture forestry and fishery finishes to China on September 2021

Vietnam's agricultural, forestry, and fishery exports to China experienced a significant increase of 22.75% in the first eight months of 2021 compared to the same period in 2020, generating USD 6.20 billion in revenue. The main exports included rubber, vegetables and fruits, wood and wood products, cassava and cassava products, aquatic products, cashew nuts, and rice. However, exports of certain items like meat and meat products, rubber products, tea, seafood products, wood and wood products, animal feed, and raw materials saw a decrease. China's economy, despite facing challenges, continues to grow at a fast pace. In an effort to reduce financial risks and economy's dependence on the real estate sector, China has tightened credit flows to this sector. Meanwhile, global demand remains strong, supporting the country's industrial sector. China is also seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade agreement among 11 countries. Concurrently, there has been a surge in demand for plant-based meat substitutes in China, with these products expected to grow at a rate of 5.4-9.4% during 2021-2030, reaching 17-24 billion USD by 2030.