Can Vietnam benefit from US-China trade war?
Nguyen Thi Thu Trang from VCCI cited reports on Vietnam’s exports to the US released by US agencies.
Of the countries predicted to enjoy benefits from the trade war, Vietnam has an export growth rate of 36 percent, ranking eighth among exporters to the market, though it holds 2.5 percent of market share only. And Vietnam continues to be one of five countries which have a trade surplus with the US.
However, Trang can see noteworthy items in the figures. Phone and phone accessories saw the highest growth rate, 91 percent. However, the US has not imposed a tax on Chinese phone products.
“The reason behind the growth does not lie in the tariff,” Trang said.
Woodwork and wooden furniture have also been cited as enjoying high export growth rate of 35 percent.
According to Trang, it is true that woodwork exports to the US have increased, but exports to other markets have decreased.
Meanwhile, according to the General Statistics Office, the production growth rate and inventory index are not high. These all mean that the benefits for the economy brought by woodwork exports have been insignificant.
Regarding exports to China, analysts once predicted that Vietnam would increase exports to the country. But in fact, these exports have decreased sharply.
Vietnam’s exports to the US in the first five months of the year decreased by 1.4 percent compared with the same period last year, while it increased sharply by 31 percent in the first five months of 2018.
“The prediction that Vietnam’s goods would replace American goods in China did not happen,” Trang concluded.
Meanwhile, Vietnam’s import of products which are being exported by China to the US has increased sharply, by 20 percent, much higher than the 9 percent increase in 2018 compared with 2017.
The influences of the trade war are reflected in the export of products to other markets which has decreased compared with last year. This is partially attributed to a fall in demand.
However, China’s decreases are much lower than Vietnam’s.
Regarding investment, what happens in reality has differed from the original speculation. Investments in Vietnam fell by 9.2 percent in recent months, and only increased slightly, from Hong Kong and Taiwan.
Related News
Wood exports started well
13:26 | 20/04/2024 Import-Export
Cooperate to build leading and "rich in vitality" state-owned enterprises
08:59 | 17/04/2024 Import-Export
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
Latest News
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
More News
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Rubber exports are flourishing, promising potential
17:51 | 20/04/2024 Import-Export
Vietnam becomes biggest rice supplier for Singapore
17:49 | 20/04/2024 Import-Export
Vietnam an attractive destination for electronics, semiconductor investors: Official
17:41 | 20/04/2024 Import-Export
Take advantage of e-commerce leverage for export
13:25 | 20/04/2024 Import-Export
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Your care
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines