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Thread: Vietnam - more exports to and less imports from China

  1. #1
    Nance
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    Vietnam - more exports to and less imports from China

    China continues to remain Vietnam’s leading import and export market, but the imbalance in trade remains a burning issue in bilateral trade relations.

    Vietnam’s imports from China are increasing and one way of dealing with the problem is to step up exports to the Chinese market.

    According to the latest statistics issued by the General Department of Customs (GDC), in the first five months of this year Vietnam’s trade to China reached US$9,693 million, up 34.7 percent compared to the same period last year and accounting for 16.9 percent of Vietnam’s total import-export value.

    Vietnam’s imports from China were US$7,373 million, up 32 percent while the country’s exports hit US$2,320 million, up 43.7 percent. Therefore, the trade deficit was double the amount of Vietnam’s exports to China which mainly included wooden products valued at US$119 million (up 100 percent), computers, electronics and components at US$172 million (up 126.9 percent), coffee at US$14 million (up 75 percent), rubber at US$315 million (up 74.8 percent), and footwear with US$55 million (up 50.3 percent).

    In the reviewed period, China was Vietnam’s third biggest export market, after the US and Japan. In addition, China was the biggest importer of Vietnamese coal and rubber. Vietnam exported 117,000 tonnes of rubber to China, accounting for 64.3 percent of the country’s total rubber exports, 6,431 tonnes of coal, making up 73.7 percent of the country’s total coal exports and 958 tonnes of cassava, equal to 94 .1 percent of the country’s total cassava exports.

    Vietnam’s imports from China also rose sharply in the first five months of this year, such as steel (US$716 million, up 127.3 percent), garments textiles and footwear (US$1,132 million, up 45.7 percent), petroleum (US$545 million, up 34.2 percent), chemicals (US$343 million, up 33.1 percent), plastic products (US$125 million, up 54 percent), and automobile spare parts (US$135 million, up 32.4 percent).

    The GDC said that to develop bilateral trade relations sustainably both countries need to forge closer ties and offer incentives to balance foreign trade. Vietnam for its part, needs to find products of high value for export so that it can reduce the import surplus in the future.

    From January 1, 2004, Vietnam and China began to cut the import tax on some products according to the “early harvest” programme, which was signed by ASEAN and China to develop bilateral trade relations.

    According to tax exemption plans under the framework of the ASEAN-China Free Trade Area (ACFTA), half of all tax lines were at 0-5 percent in 2009. However, Vietnamese businesses need to master the ACFTA place of origin requirement to enjoy tariff incentives. Furthermore, there will be zero tax on 40 percent of all tax lines in 2013, 100 percent in 2015 and a flexible rate for 250 tax lines by 2018.



    http://vietnambusiness.asia/more-exp...ts-from-china/

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    If china rv the dong will follow

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