Vietnam works to bolster exports to China
Monday, June 18,2018AsemconnectVietnam - Reform of administrative procedures to facilitate origin certification granting, customs procedures and related process is recommended by experts in order to increase export to China, a potential market with considerable risks.
Two-way trade in 2017 reached 93.7 billion USD, up 30.2 percent from the previous year. The figure is expected to hit 100 billion USD in 2018.
It is noteworthy that Vietnam’s trade deficit with China declined at an average 16.1 percent a year in 2016-2017, and 15.5 percent in the first quarter of this year.
However, experts said that there are many unpredictable risks in the Chinese market, citing an example that Chinese traders do not use payment through letters of credit (L/C) like in other foreign countries. Vietnamese exporters also face risks when many Chinese firms just make a deposit of 30 percent of the contract value.
As Vietnam’s import-export activities rely heavily on the Chinese market, domestic businesses will face challenges when there is a change in trade policies or protectionism in the neighbouring country.
Thus, regular technical guidance should be given to export companies so that they can fully benefit from the ASEAN-China Free Trade Agreement (ACFTA), and the ASEAN-Hong Kong Free Trade Agreement (AHKFTA).
A set of measures to support the exporters in market information, capital and exchange rates should be mapped out. Meanwhile, relevant authorities must complete import-export management mechanisms, and work to prevent cross-border smuggling and boost sustainable exports.
Local firms must make their own efforts as well. It is necessary for them to update market information, new regulations on product quality and consumers’ taste in different Chinese localities.
They should give priority to improve capacity and enhance trade promotion activities in China. Copyrights and trade brands must receive due attention.
The Ministry of Industry and Trade said it will join hand with relevant ministries and branches to increase popularisation on the contents of the ACFTA, World Trade Organisation (WTO) commitments and agreements between the two countries.
Soybean import markets in 6 months of 2023
Exports of animal feed in first 6 months of 2023
DAILY: Vietnamese pepper prices remained unchanged on July 26
DAILY: Vietnamese coffee prices decreased by 600 VDN on July 26
Shrimp exports to many markets increased positively
Leading export items in first half of 2023
Seafood imports reached over 1.27 billion USD in 6 months in 2023
DAILY: Vietnamese pepper prices decreased by 500 VND on July 25
DAILY: Vietnamese coffee prices increased by 1000 VDN on July 25
Reference exchange rate up 7 VND on July 25
Vietnam’s GDP growth rate in first 6 months and forecast for 2023
Ca Mau sets a target for aquaculture production to reach 570,000 tons/year by 2030
Positive signal for shrimp exports to the US
Pangasius exports in June 2023 show encouraging recovery with a narrowing decrease
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...