Experts fret over Chinese capital inflows into Vietnam
2018-07-27 14:20:03 / VIETNAMWOOD
Vietnam purchases intermediate products and raw materials from the northern neighbor, according to the Development and Policies Research Center.
Wood and wooden products are one of the main product groups that Vietnam imports from China.
To Xuan Phuc, a senior policy analyst at U.S.-based Forest Trends, told the Saigon Times that the depreciation of the Chinese yuan (or renminbi) would give China an advantage in its exports but place its imports at a disadvantage.
On an annual basis, Vietnam sells wood and wooden products to China with total revenue of about US$1 billion while its import bill for these items from the neighboring country is roughly US$400 million. As such, the trade surplus of the Vietnamese wood industry from China is some US$600 million per year.
“The depreciation of the yuan will be detrimental to the Vietnamese wood sector in exporting its products to the Chinese market,” Phu said. However, this is also a favorable condition for Vietnam in buying wood and wooden products from China.
Vietnam mainly exports wooden materials such as wooden lathe chips, sawn timber, wooden planks and woodworking tools to China.
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Source From: VIETNAMNET
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