Vietnam and China has signed a memorandum of understanding on cooperation in agriculture and fruit sale, expected to facilitate farm produce trading amid difficulties caused by the COVID-19 pandemic.

Tran Quoc Toan, Deputy Director-General of the Import-Export Department, Ministry of Industry of Trade, talks on Vietnam’s decision to gradually eliminate all temporary import and re-export activities through Vietnam-China sub-border gates.

The outbreak of the 2019 novel coronavirus (2019-nCoV) has affected Vietnam’s trade with not only China but also other markets, said Deputy Minister of Industry and Trade Do Thang Hai.

If the 2019 novel coronavirus (2019-nCoV) epidemic lingers, production, trade and State budget revenue will be greatly affected, according to the Ministry of Finance (MoF).

Hundreds of trucks carrying fruits are now stuck at the Vietnam-China border gate of Tan Thanh in Lang Son Province.

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.

VietNamNet Bridge - Though China is the biggest export market for Vietnam, most of the exports go through unofficial channels. 

VietNamNet Bridge - Since Vietnam heavily relies on China, a major import/export market, it has encountered difficulties as China has tightened cross-border imports and set barriers to Vietnamese farm produce. 

VietNamNet Bridge - Analysts have noted signs of a decrease in imports from China, while imports from South Korea rose by 7.9 percent in the first six months of the year.

VietNamNet Bridge - The iron ore export ban has caused Vietnam to fail to collect tens of trillions of dong, while the continued steel production from iron ore has caused the environment to be seriously polluted.

VietNamNet Bridge - Vietnamese agencies are considering allowing the import of Chinese poultry meat. The inews has been published on the Ministry of Agriculture and Rural Development’s (MARD) Department of Animal Health’s website.

VietNamNet Bridge - Relying on some certain trade partners is risky, especially China, which can be unpredictable.

VietNamNet Bridge - The majority of Vietnamese say they don’t want imports from China, but Chinese goods still flood the Vietnamese market.

VietNamNet Bridge - Economists have repeatedly urged to think of solutions to escape the reliance on Chinese goods, but the task remains difficult.

VietNamNet Bridge - While China, Laos and Thailand are believed to benefit from the Chinese ‘infrastructure leverage’ program, Vietnam will sustain negative impact from it.

VietNamNet Bridge - Vietnam’s seafood exports to China have been increasing steadily. However, experts warn there will be more losses than gains when doing business with China.

VietNamNet Bridge - Import/export companies say that the fluctuations in the price of the dong have dealt a strong blow to their business, but the Ministry of Industry and Trade (MOIT) says the Chinese yuan devaluation has had no effect.

VietNamNet Bridge - Economists have repeatedly advised the government not to rely on a weak dong policy when trying to compete with Chinese products as demand in China is falling.