In an effort to encourage exports in the context of the trade war, the Chinese central bank PBOC has set the yuan/US dollar reference exchange rate at 6.8365 yuan per US dollar, the lowest level since January 2019. The weakened Chinese yuan has raised big concerns for Vietnam, because China is one of the biggest export markets of the country. This will make Vietnamese exports to China more expensive. Seafood, fruits, farm produce and rubber, the biggest export items, are expected to suffer the most. According to the Ministry of Agriculture and Rural Development (MARD), Vietnam exported $1.4 billion worth of vegetables and fruits in the first four months of the year, an increase of 7.2 percent over the same period last year. China is now the biggest consumer of Vietnam’s vegetables and fruits, amounting to 72 percent of Vietnam’s export value. China is now the biggest consumer of Vietnam’s vegetables and fruits, amounting to 72 percent of Vietnam’s … [Read more...] about Vietnam’s producers meet difficulties as yuan weakens.
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Vietnam has emerged as an attractive destination for foreign investors that intend to move their investment out of China due to their worries over high labour costs and escalating tariffs caused by the trade tensions. The US raised the pressure by lifting tariffs to 25 per cent from 10 per cent on the US$200 billion list of Chinese imports as negotiations on resolving the ongoing US - China trade war stalled last week. Meanwhile, President Trump stated he could impose 25 per cent tariffs on another US$300 billion worth of Chinese goods. China in turn has made clear that it will respond to US tariffs in a similar fashion. The Asian country is scheduled to levy retaliatory tariffs on some 5,000 imports from the US on June 1 onwards. Analysts believe that the trade war is currently at its peak and it could trigger a global crisis. Failure by the US and China to reach any agreement is likely to result in a slowdown in global trade and escalate the risk of a global recession. Dr. Le … [Read more...] about US – China trade tensions likely to benefit Vietnam
The dong/dollar exchange rate has fluctuated sharply in recent days after the US decided to impose tariff of 25 percent on $200 billion worth of imports from China. The decision, plus the retaliation by China to raise the tax rate from 5 percent to 25 percent on $60 billion worth of imports from the US, has shaken the world’s merchandise, finance and forex markets. The Vietnam dong has also been spiraling in the whirlwind. Phan Minh Ngoc from Intelligence Service Partners said there won’t be a single upward or downward of the dong value, because there are many factors which may have contradictory effects on the forex market. This means that both the appreciation and depreciation of the dong may occur in the short term. In theory, China, which bears tax first and is believed to be at a disadvantage in the trade war, would depreciate its currency, or let the currency get weaker, to mitigate the effects of US taxation. The Chinese yuan has depreciated from 6.738 yuan per … [Read more...] about How will VND/USD exchange rate perform in US-China trade war?
Korean scholar says states should not resort to forceChina asked to withdraw ships from Việt Nam’s territorial watersViệt Nam voices concern over developments in East Sea at AMM-52Việt Nam consistently exercises, safeguards sovereignty by peaceful measuresVN consistently protects sovereignty in East Sea: spokeswoman Approaching An Bang (Amboyna Cay) Island in Việt Nam's Trường Sa (Spratly) archipelago. — VNA/VNS Photo Quý Trung HÀ NỘI — Việt Nam rejects all contents of the statement made by the Chinese spokesperson on sovereignty over Trường Sa (Spratly) archipelago on November 8. Vietnamese Foreign Ministry spokesperson Lê Thị Thu Hằng made the statement in response to reporters’ question on Wednesday. The Chinese foreign ministry spokesperson Geng Shuang last week during a regular press briefing said that Việt Nam and other countries in the region … [Read more...] about Việt Nam rejects China’s statement on sovereignty over Trường Sa islands
Russia’s pavilion at Vietnam Expo 2018 (Source: http://baochinhphu.vn) Russian exhibitors’ attendance at the event is hoped to bring an effective trade promotion chance for the two countries’ enterprises, thus enhancing their cooperation. Speaking at the opening ceremony of Russia’s pavilion, Deputy Minister of Industry and Trade Tran Quoc Khanh said the Vietnamese side is pleased that Russia accepted the invitation to participate in the event as the guest of honour. He highlighted the significance of the event, saying that it will help the two countries’ business communities seek partners and establish partnerships in the coming time. The expo also offers a good opportunity for Vietnamese firms to learn Russia’s advanced technologies in aviation, railway, mining, automation and biotechnology, he noted. In 2017, two-way trade between Vietnam and Russia hit US$3.56 billion, up 29% year-on-year. Vietnam’s … [Read more...] about Russia’s key products displayed at Vietnam Expo 2018