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| Wooden chairs are manufactured at a workshop in Ha Noi's Thuong Tin District. China is a major export market for Vietnamese wood products. — VNA/VNS Photo Dinh Hue |
HCM CITY (Biz Hub) — Imports from China remain on the rise and the northern neighbour remains the biggest source of imports from Viet Nam, according to latest figures from the General Department of Customs.
Chinese products accounted for 29.6 per cent of Viet Nam's imports last year, far in excess of the imports of US$21.74 billion from the second largest source, South Korea.
In January this year imports from China accounted for 32.6 per cent of Viet Nam's total imports, more than three times Viet Nam's exports to that country.
Last year a wide range of goods were imported from China, 31 of them costing more than $100 million each and 10 costing more than $500 million each.
Machinery, equipment and component were imported because of low prices and also because they were brought into the country by Chinese investors and contractors for their projects here.
In January alone 32 kinds of goods were imported from China, 10 of them for over $100 million, including machinery, equipment, and components that cost $910 million, telephones and components that cost $731 million, and computers, electronics, and components that cost over $410 million.
The trade deficit exceeded $3 billion, the largest ever monthly gap for Viet Nam.
In 2014, while enjoying an overall trade surplus of nearly $2.15 billion, Viet Nam suffered a trade deficit with China. Imports from China nearly double exports to this country.
In 2014 Viet Nam's exports to China accounted for 9.9 per cent of its total exports, only behind exports to the US (which totalled $28.65 billion, representing 19.1 per cent of overall exports).
They included computers, electronics, and components worth over $181 million, cassava and related products (over $121 million), and fibres of various types ($111 million). — VNS