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