Research On The Impact Of Export Trade To China On Vietnam’s Economic Growth

Since Vietnam’s reform and opening up more than 30 years ago,its economy has developed tremendously,its overall national strength and people’s living standards have been continuously improved,and its gross domestic product has also continued to increase.In 2019,Vietnam’s GDP continued to lead the ASEAN with a 7.02% growth rate.In 2020,against the background of the global raging new crown epidemic,Vietnam can still maintain positive economic growth in the first three quarters.In the context of a global depression,Vietnam’s GDP growth rate has not slowed down,but has bucked the trend,and its beautiful performance is enviable.As one of the "troika" of economic growth,the contribution of foreign export trade to Vietnam’s economic growth is indispensable.Data from the World Bank shows that Vietnam’s dependence on foreign exports reached 60.1%.It can be said that it is precisely because of the vigorous development of export trade that Vietnam’s economy has entered a stage of rapid growth.In Vietnam’s export market,China undoubtedly occupies a pivotal position.Vietnam and China are adjacent to each other by mountains and rivers,and the people are connected.China’s vast market is very attractive to Vietnam.Data show that China has long been Vietnam’s second largest exporter.In 2018,it surpassed the United States as the number one exporter,with an annual export value of $60.136 billion.Vietnam’s exports to China still have much room for development.The relationship between foreign export trade and economic growth has always been a topic of research by domestic and foreign scholars.Faced with China,Vietnam’s largest trading partner,only by correctly grasping the relationship between exports to China and Vietnam’ s economic growth can we help further develop Vietnam’ s economy and formulate correct trade policies.This article focuses on the perspective of Vietnam’s export trade to China.It collects and sorts out yearbook data on Vietnam’s export trade to China and Vietnam’ s GDP over the years,and establishes a regression model to conduct empirical analysis on the relationship between the two.The results show that Vietnam’ s exports to China have a certain pulling effect on Vietnam’ s economic growth,and there is a long-term,balanced and stable relationship between the two.As the structure of Vietnam’ s exports to China is still relatively simple,the overall scale is still small and the technical content of the products is low.In order to ensure the rapid and sustainable development of Vietnam’s export trade to China,the government needs to strengthen macro-control,support reasonable financial mechanisms,vigorously cultivate other commodities,and strive to improve the technological content and core competitiveness of export commodities.