Vietnam reports that trade deficit with China is too large
According to Vietnam’s “Investment News”, Vietnam’s trade deficit with China reached US$6.5 billion in the first half of this year, close to its total national foreign trade deficit (US$6.65 billion). Vietnam mainly imports machinery and equipment and industrial raw materials from China. There are 17 types of commodities with an import value of more than 100 million U.S. dollars, of which machinery and equipment and fabrics imports exceed 1 billion U.S. dollars. Vietnam’s exports to China are mainly mineral resources, agricultural products and primary raw materials with low added value, mainly rubber, cassava, coal, crude oil, wood products and aquatic products.
Some Chinese goods account for a large proportion of Vietnam’s imports of similar goods. Among them, pharmaceutical raw materials accounted for 41.1%, liquefied gas 39.1%, fruits and vegetables 38.2%, cloth 37.6%, pesticides and their raw materials 37.2%, chemical fertilizers 31.1%, machinery equipment and parts 30.6%, chemical raw materials 24.6%, and textile raw materials and auxiliary materials 24.4% , plastic raw materials 23.5%, steel 21.9%, and original cars 16.7%.
According to reports, in order to achieve industrial upgrading, China has transferred existing technology and equipment to countries with lower levels of development. If Vietnam blindly pursues low prices, it may become a dumping ground for backward technology and equipment. It calls for strengthening inspections of goods imported from China in terms of technology, environmental protection, health and safety, etc.
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