Better import-export control needed to shelter Vietnam from trade war: seminar

Authorities should closely monitor the import and export of goods, including goods origin, to prevent customs declaration fraud, a seminar heard in HCM City recently.  
TIN LIÊN QUAN
better import export control needed to shelter vietnam from trade war seminar Vietnam’s coffee exports jump to record high of 1.8 million tonnes
better import export control needed to shelter vietnam from trade war seminar Vietnam’s exports likely to hit 239 billion USD this year

With the US-China trade war escalating, Chinese firms could ship their unfinished products to Vietnam and then export them to the US through a Vietnam-based firm as an intermediary to avoid tariffs, Ngo Vo Minh Hung, business director of VIFON, warned.

better import export control needed to shelter vietnam from trade war seminar
A panel discussion at a conference titled “US –China Trade War: Opportunities and Challenges for Vietnamese Enterprises” held in HCM City on November 16. (Photo: VNA)

This would affect Vietnam, as evidenced by the case of steel originating in China but exported from Vietnam, he said, noting that the US Department of Commerce had decided to slap tariffs on steel produced in Vietnam using Chinese-origin materials.

With the trade war causing difficulties for Chinese firms in exporting to the US, they would increase exports to other countries, including Vietnam, putting big pressure on local producers, he said.

Hung called on related agencies to better monitor imports and exports to prevent the import of poor quality products and customs fraud.

Bui Quang Tin, CEO of BizLight Business School, said Vietnam was the only market among the US’s five trade partners with which it had a high trade deficit but had not imposed tariffs yet. But that could still happen, he warned.

If the US imposed punitive tariffs, the impact on the Vietnamese economy would be huge since the country had an “open” economy, he said.

Su Ngoc Khuong, investment director of Savills Vietnam, said the trade dispute between the US and China, two of Vietnam’s top trading partners, could have both positive and negative impacts on the country.

When Chinese products are hit with US tariffs, Vietnam can serve as an alternative supplier of several goods to the US, he said, adding that other countries such as Thailand with similar products as Vietnam also see it as an export opportunity, leading to an intense competition to sell to the US.

Vietnam’s seafood industry can achieve higher growth if it grabs the opportunities that might open up when the US switches from China to other sellers, he said.

The seminar also provided some useful tips for Vietnamese companies to help them avoid risks in international trading and suggested measures to boost exports to the US and China like carefully studying the markets, working with retailers and distributors there and others.

better import export control needed to shelter vietnam from trade war seminar US-China trade war puts pressure on Vietnamese agricultural products

The US-China trade war will force agricultural products from the world’s two most powerful economies to seek new markets which could lead to a flood ...

better import export control needed to shelter vietnam from trade war seminar Impacts of US-China trade war on Vietnam’s garment, footwear industries

Vietnam’s key commodities, including apparel, leather, and footwear, are forecast to be hurt by the US-China trade war, which began on July 6 when the ...

better import export control needed to shelter vietnam from trade war seminar Vietnam will overcome US-China trade war influences: Minister

As a country engaged in the development of the global value chain, Vietnam is likely to be affected by the US-China trade war, stated Minister ...

(Source: VNA)