China overtakes U.S. to become Vietnam's top importer: Bloomberg
The U.S. remained the top export market of Vietnam for 15 years before being overtaken by China in 2017, according to Bloomberg.
Accordingly, Vietnam’s export to China increased by 15 times to US$50.6 while that to the US hit merely US$46.5 in the decade through 2017.
The fact, as Bloomberg said, highlights the way China grows its influence in the region.
That shift persisted this year with Vietnam’s shipments to China jumping 33.5% in the first quarter from a year ago, compared with 20% to the US, according to Vietnam’s statistics agency, as cited by Bloomberg.
“The center of trade for Asia has clearly shifted to China from the U.S.,” said Eugenia Victorino, an economist from Australia & New Zealand Banking Group in Singapore, Bloomberg reported.
Victorino also said that Asian countries would soon realize that China is superior to the U.S. in terms of trade, especially with the U.S. taking a protectionist stance.
Le Dang Doanh, a Vietnamese economist and a member of the Committee for Development Policy of the United Nations, said Vietnam needs to stop being too dependent on China by diversifying to more markets, Bloomberg reported.
In fact, Vietnam is already on the move, having signed several international trade deals such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership last month, which will reduce trade tariffs between the 11 member countries.
In 2015, the E.U.-Vietnam Free Trade Agreement was also signed, reducing tariffs between Vietnam and the 28 member countries of the E.U.
The fact, as Bloomberg said, highlights the way China grows its influence in the region.
That shift persisted this year with Vietnam’s shipments to China jumping 33.5% in the first quarter from a year ago, compared with 20% to the US, according to Vietnam’s statistics agency, as cited by Bloomberg.
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Victorino also said that Asian countries would soon realize that China is superior to the U.S. in terms of trade, especially with the U.S. taking a protectionist stance.
Le Dang Doanh, a Vietnamese economist and a member of the Committee for Development Policy of the United Nations, said Vietnam needs to stop being too dependent on China by diversifying to more markets, Bloomberg reported.
In fact, Vietnam is already on the move, having signed several international trade deals such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership last month, which will reduce trade tariffs between the 11 member countries.
In 2015, the E.U.-Vietnam Free Trade Agreement was also signed, reducing tariffs between Vietnam and the 28 member countries of the E.U.
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