export to china
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The Import and Export Department under the Ministry of Industry and Trade urged firms to closely watch exports of agricultural products to China to prevent goods getting stuck at border gates before and after the Lunar New Year holiday.
China is the largest export market of Vietnam, accounting for 27 per cent of the country’s total export turnover.
Vietnam’s economy has been better off over the last three years with exports growing rapidly.
Since China is Vietnam’s biggest trade partner, the sharp yuan devaluation will affect Vietnam’s imports and exports with China.
Though they were warned beforehand, farmers are still unable to satisfy requirements, and their produce has been rejected by China.
Growth of Vietnam’s export revenue through formal channels to China was higher than its import revenue growth from the northern neighbor last year, at 16.6% versus 11.7%.