Vietnam’s trade deficit with China surges to $19.6b

Chinese products vietnamThe constant influx of Chinese goods that are flooding almost all small markets and even shopping centers across Vietnam, has led to a rising deficit in Vietnam’s trade with the larger neighbour in the north.

In the year until October 2013, Vietnam’s import turnovers from China topped $30.37 billion, sending the trade deficit to $19.6 billion, up by nearly 50 per cent compared to the ten-month period in 2012. Furthermore, Vietnam’s trade deficit with China rose 100 times, not taking inflation into account, in a dozen years from 2001 to 2013, according to Nguyen Viet Chi, an official from the Asia-Pacific Market Division, under the Vietnamese Ministry of Industry and Trade.

Chinese products have increasingly penetrated the Vietnamese market, beating local manufacturers on their home soil. These goods are especially preferred by wholesalers and traders because they bear attractive designs and are cheaply priced. Some Chinese-made products are even sold under Japanese or South Korean brands.

The cheap products sell well in rural areas across the country, where Vietnamese goods fail to compete because they are more expensive, despite being of higher quality.



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The constant influx of Chinese goods that are flooding almost all small markets and even shopping centers across Vietnam, has led to a rising deficit in Vietnam's trade with the larger neighbour in the north. In the year until October 2013, Vietnam’s import turnovers from China topped $30.37 billion, sending the trade deficit to $19.6 billion, up by nearly 50 per cent compared to the ten-month period in 2012. Furthermore, Vietnam's trade deficit with China rose 100 times, not taking inflation into account, in a dozen years from 2001 to 2013, according to Nguyen Viet Chi, an official from the...

Chinese products vietnamThe constant influx of Chinese goods that are flooding almost all small markets and even shopping centers across Vietnam, has led to a rising deficit in Vietnam’s trade with the larger neighbour in the north.

In the year until October 2013, Vietnam’s import turnovers from China topped $30.37 billion, sending the trade deficit to $19.6 billion, up by nearly 50 per cent compared to the ten-month period in 2012. Furthermore, Vietnam’s trade deficit with China rose 100 times, not taking inflation into account, in a dozen years from 2001 to 2013, according to Nguyen Viet Chi, an official from the Asia-Pacific Market Division, under the Vietnamese Ministry of Industry and Trade.

Chinese products have increasingly penetrated the Vietnamese market, beating local manufacturers on their home soil. These goods are especially preferred by wholesalers and traders because they bear attractive designs and are cheaply priced. Some Chinese-made products are even sold under Japanese or South Korean brands.

The cheap products sell well in rural areas across the country, where Vietnamese goods fail to compete because they are more expensive, despite being of higher quality.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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