Trump suggests buying Vietnamese goods instead of Chinese

A decrease in the US’ imports from China could present a good opportunity for Vietnam to fill in the gap.

In the context of the US-China trade war, US President Donald Trump, speaking before the press on the threshold of talks with Hungarian Prime Minister Victor Oban, said if Americans don’t want to pay for taxed goods, they could buy goods from Vietnam and other countries without US tariffs, instead of Chinese goods which are taxed by the US.

Trump suggests buying Vietnamese goods instead of Chinese

Prior to that, analysts commented that the trade dispute between two of Vietnam’s top trading partners would have positive impact on Vietnam. A decrease in the US’ imports from China could present a good opportunity for Vietnam to fill in the gap.

Meanwhile, Vietnam would become more attractive to foreign investors.

Commenting about Trump’s statement, Duong Van Chin, director of the Dinh Thanh Agriculture Research Center, said Vietnam now has an excess of exports to the US over imports from the country, and that the US wants Vietnam to import more products from the US to improve the trade balance.

The possibility of Amercians shifting to buy goods from Vietnam and other nontariffed countries was anticipated when the US-China trade war broke out.

At that time, experts commented that Vietnam would benefit from the US taxation on Chinese goods because its products could replace Chinese goods in the US market.

After many years of negotiations, Vietnam has won the right to export mango to enter the US market. However, Vietnam mango is more expensive than Mexico’s.

However, exports to the choosy US market will still depend on how Vietnam can take advantage of the opportunity.

The director of a farm produce export company who asked to be anonymous warned that only high quality products can overcome the technical barriers to enter the US market.

 

Meanwhile, there are still too many existing problems with Vietnamese products’ quality.

One of the problems, he said is the unstable product quality. “The quality could be very high in first consignments of exports, but it may be lower in the next batches of products,” he said, attributing this to the lack of modern technology.

The lack of technology is also cited as the reason behind the high product costs, which makes Vietnamese products less competitive.

After many years of negotiations, Vietnam has won the right to export mango to enter the US market. However, Vietnam mango is more expensive than Mexico’s.

Similarly, Vietnam also exports mango to Japan and South Korea, but consumers in the two countries prefer Thai mango, which is cheaper.

Le Cao Doan, a respected economist, commented that sales would be high if products had consistently high quality.

Vietnam stands out as beneficiary from US-China trade war

Vietnam stands out as beneficiary from US-China trade war

International experts have questioned which countries would likely be the beneficiaries of the trade war between the US and China and Vietnam remains the pointed one so far.    

How will VND/USD exchange rate perform in US-China trade war?

How will VND/USD exchange rate perform in US-China trade war?

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.

Mai Lan

 
 

Other News

.
Pressure on the Finance Minister
Pressure on the Finance Minister
FEATUREicon  13/11/2020 

As the holder of the keys of the national treasury, Finance Minister Dinh Tien Dung is facing great pressure.

Demographics, rising income, geopolitical shifts to drive ASEAN’s growth
Demographics, rising income, geopolitical shifts to drive ASEAN’s growth
BUSINESSicon  13/11/2020 

10 ASEAN member states are on the cusp of a tremendous leap forward in socio-economic progress and their growth will be propelled by four mega-forces, including favourable demographics, rising income levels, geopolitical shifts and digital tailwinds.

Local firms told to prepare for RCEP export opportunities
Local firms told to prepare for RCEP export opportunities
BUSINESSicon  13/11/2020 

Vietnamese businesses should prepare to export their products to other ASEAN countries ahead of the possible signing of the Regional Comprehensive Economic Partnership (RCEP) this week. 

Hanoi authorities to inspect farmstay projects, land violations
Hanoi authorities to inspect farmstay projects, land violations
BUSINESSicon  13/11/2020 

The Hanoi People’s Committee has assigned the Department of Natural Resources and the Environment to set up a taskforce to inspect farmstay projects and deal with land law violations.

Daily visits to local e-commerce sites top 3.5 million: VECOM
Daily visits to local e-commerce sites top 3.5 million: VECOM
BUSINESSicon  12/11/2020 

Online shopping traffic in Vietnam so far this year rocketed over 150 percent against a year earlier, with daily visits to e-commerce sites growing to 3.5 million, 

RCEP - A new boost for regional enterprises
RCEP - A new boost for regional enterprises
BUSINESSicon  12/11/2020 

The Regional Comprehensive Economic Partnership (RCEP) agreement, expected to be signed on November 15 within the framework of the 37th ASEAN Summit in Hanoi, 

Enterprises need to be pro-active during the pandemic
Enterprises need to be pro-active during the pandemic
BUSINESSicon  13/11/2020 

Nguyen Bich Lam, former director general of the General Statistics of Vietnam, talks on what Vietnamese enterprises need to do to maintain their business production during the COVID-19 pandemic.

Black credit leading people to dead end, with no escape from debt
Black credit leading people to dead end, with no escape from debt
BUSINESSicon  12/11/2020 

Covid-19 has caused many people to lose jobs and has paved the way for black credit to emerge.

Pandemic causes bad debts to surge
Pandemic causes bad debts to surge
BUSINESSicon  12/11/2020 

Non-performing loans (NPLs) among commercial banks increased sharply in the first three quarters of this year due to the adverse impacts of the COVID-19 pandemic.

MoIT carries out solutions to boost domestic market growth
MoIT carries out solutions to boost domestic market growth
BUSINESSicon  11/11/2020 

The Ministry of Industry and Trade (MoIT) will promote domestic market consumption to contribute partly to enhancing socio-economic development.

Consumers in Asia-Pacific to benefit most from industry 4.0
Consumers in Asia-Pacific to benefit most from industry 4.0
BUSINESSicon  11/11/2020 

Shifting businesses and enterprises into an intelligent and connected virtual space is no longer an option but a necessity to survive, primarily due to the added pressure brought about by the pandemic, a study by Deloitte said.

Vietnam should have law on supporting industry: VCCI chairman
Vietnam should have law on supporting industry: VCCI chairman
BUSINESSicon  11/11/2020 

Vietnam needs to have a law on the supporting industry to aid its development, according to the chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

Vietnam boasts huge opportunities to attract foreign investment: WB official
Vietnam boasts huge opportunities to attract foreign investment: WB official
BUSINESSicon  11/11/2020 

Vietnam has tremendous opportunities to attract foreign investment as global companies are seeking for a destination promising continuity, World Bank Country Director for Vietnam Carolyn Turk said.

Marketplaces get ready for year-end sale season
Marketplaces get ready for year-end sale season
BUSINESSicon  11/11/2020 

Black Friday, Singles Day and Christmas are the time for e-commerce platforms to make big money.

Shocking smuggling case: 51kg of gold carried across border to Vietnam
Shocking smuggling case: 51kg of gold carried across border to Vietnam
BUSINESSicon  11/11/2020 

As gold prices in Vietnam are higher than international prices, smugglers are trying every possible way to slip gold into Vietnam to seek profits.

Eight border economic zones prioritized to receive investments
Eight border economic zones prioritized to receive investments
BUSINESSicon  11/11/2020 

The Ministry of Planning and Investment (MPI) is planning to name a list of eight border economic zones on priority for investment in 2021-2025, or one zone lower than the 2016-2020 period.

Vietnam prepares to cope with trade remedies by importing countries
Vietnam prepares to cope with trade remedies by importing countries
BUSINESSicon  11/11/2020 

The increase in Vietnam’s exports in recent years may prompt import countries to activate trade remedies against Vietnam’s products.

Favourable investment climate brings in FDI capital
Favourable investment climate brings in FDI capital
BUSINESSicon  12/11/2020 

Dong Nai has been among the leading localities in Vietnam in attracting foreign investment over recent years, with local authorities continuing to innovate and create a favourable investment environment.

Remittances to fall for first time in 11 years
Remittances to fall for first time in 11 years
BUSINESSicon  11/11/2020 

Remittances to Vietnam are set to fall for the first time since 2009 to $15.7 billion this year over Covid-19 impacts.

GDP growth 6 percent in 2021 feasible: economists
GDP growth 6 percent in 2021 feasible: economists
BUSINESSicon  10/11/2020 

Vietnam's GDP may achieve a growth rate of 6 percent or greater in 2021, according to economists and industry experts.

 
 
 
Leave your comment on an article

OR QUICK LOGIN