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    Vietnam'S Shield Depreciated &Nbsp; China'S Textile Exports Will Be Affected.

    2011/2/14 15:31:00 57

    Textile Export Rate

    In February 11th, the Dong shield depreciated against the US dollar by 9.3%.

    This is the new Vietnam central bank promulgated on 11 th.

    foreign exchange

    After the paction rules

    exchange rate

    A major adjustment made.


    The Vietnamese central bank explained on its website 11 days ago that the government promulgated the guiding opinions on implementing the 2011 economic and social development plan in January 9th, which required the central bank to adjust its exchange rate actively, flexibly and appropriately according to market demand.

    The central bank's adjustment to the exchange rate will promote

    market

    Improving liquidity and improving international settlement capacity in Vietnam will help to encourage exports, reduce trade deficits and increase foreign exchange reserves.


    Vietnam has been facing pressure from inflation and export deficit since last year. In the past 14 months, the Central Bank of Vietnam has taken three devaluation measures. The devaluation has not been beyond the expectation of economists.

    However, the devaluation rate is higher than expected, to a certain extent, triggering worries of neighboring countries.


    No major fluctuations in financial markets


    There was no significant fluctuation in the domestic financial market and the private exchange market for the exchange rate adjustment.

    Vietnam financial reporter Yu Zheng said that after Vietnam's commercial bank released the Dong Dong shield to the US dollar exchange rate generally 19500 shields convertibility 1 US dollars, but in the folk foreign exchange market, must increase 1500 Vietnam shield to be able to change to 1 US dollars, therefore this central bank lowered the Vietnamese shield to us dollar exchange rate, is closer to the actual exchange rate, helps to alleviate the enterprise and the individual holds the US dollar the present situation.


    Exchange rate adjustment will have an important impact on Vietnam's import and export.

    Ruan Jin Da, who is engaged in automobile import trade, admitted to our reporter that the central bank's adjusted exchange rate far exceeded 3% of the company's forecast. Overnight, the cost of importing each vehicle would increase by 15 million to 100 million Dong Dong, which brought new difficulties to Vietnam's auto import and assembly enterprises.


    According to statistics, Vietnam's domestic economic growth in 2010 was 6.78%, and its exports amounted to US $71 billion 600 million, an increase of 25.5% over the previous year, and imports of US $84 billion, an increase of 20.1% over the previous year.

    The $12 billion 400 million trade deficit has made Vietnam's foreign exchange reserves short of pressure.


    Transfer of Chinese textile orders


    Some analysts pointed out that the substantial adjustment of the exchange rate sent the Vietnamese government to take effective measures to solve the macroeconomic problems and maintain macroeconomic stability.

    However, the move will have an impact on the periphery and the international market.

    As Vietnam's largest commodity exporter in 2010, Vietnamese goods will be more competitive in the US market.

    As Vietnam's largest commodity importing country, the selling price of Chinese goods in Vietnam will increase.


    Vietnam is a major exporter of agricultural products in Southeast Asia. Its exports of rice based agricultural products account for 24% of its total exports. Second of them are textiles, accounting for 19% of its total exports.

    Depreciation will first benefit the export of these two products.


    It is estimated that the FOB price per ton of Vietnamese rice will drop by another US $10, but this will not affect the export of ASEAN's other rice products for the time being.


    However, the impact of the Vietnam shield depreciation on textile exports is obviously different from that of rice.

    According to a survey of 385 international buyers released last month by Global Sources, the world's leading media company, most buyers said they needed to pay higher prices for Chinese products.

    31% of respondents said they would increase purchases from Vietnam.

    The survey also shows that China's textile exporters have already felt that orders are shifting. One of the reasons is that Vietnam's price is 30% cheaper.


    Analysts believe that as Vietnam's textile and aquatic products export prices further reduce, some countries will more frequently export anti-dumping commodities to Vietnam's anti-dumping stick, which will bring new trouble to the Vietnamese government.

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