Vietnam Is Expected To Import Textile And Shoe Accessories $10 Billion From China.

Vietnam's General Administration of Customs said that in the first 8 months of this year, Vietnam imported about 27 billion 200 million US dollars from China, accounting for 29% of Vietnam's total imports, and exports to China about US $9 billion 830 million.

The Sino Vietnamese trade deficit exceeded US $17 billion.

Reported that

Imports from China include mainly machinery and equipment, with an import volume of about US $5 billion; mobile phones and spare parts, with an import volume of about US $3 billion 800 million; cloth imports of about US $3 billion; imports of computers and electronic products are about US $2 billion 800 million; steel imports are about US $2 billion 120 million; textiles and

The import volume is about US $1 billion; oil imports about US $1 billion.

In 2013, Vietnam came from China.

About US $37 billion is expected to exceed US $40 billion in 2014.

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According to Chilean ambassador to Vietnam Mr. Fernando Urrutia, since Vietnam (Chile) free trade agreement came into effect in this (2014) year, the two countries' economic and trade relations have changed significantly.

According to Yue Chi FTA, more than 9 thousand products will be subject to tariff reductions in different periods, and provide a number of preferential services and investment measures in each of the past 3 years.

The FTA also contains many other important terms, including market entry, rules of origin, quarantine, technical barriers, technical cooperation and defense.

Since the implementation of the more intelligent FTA, trade exchanges between the two countries have significantly increased.

According to statistics from Chile's trade promotion agency, the amount of exports from Chile to Vietnam in February to May this year amounted to $149 million, and Vietnam's exports to Chile amounted to $126 million, an increase of 20.3% compared with the same period in 2013, and bilateral trade totaled 272 million US dollars, an increase of 19.2% over the same period in 2013.

According to statistics from the Vietnamese customs administration, Vietnam's exports to Chile amounted to $250 million in the first 7 months of this year, up 120% from the same period in 2013. Vietnam's imports from Chile amounted to $203 million and grew by 12%. Vietnam's long-term trade deficit with Chile has now started to turn into a favorable balance.

In fact, Yue Zhi FTA has brought many business opportunities to Vietnamese manufacturers.

At present, Vietnam has already exported 20 products to Chile. The tariff rate has dropped from 6% to 0%, including wood products, daily plastic products, handicrafts, footwear, textiles and garments, coffee, crystal products, computers and parts.

According to Wu Wenfeng, head of the Americas group of the Americas market division of Vietnam's Ministry of Commerce and industry, the tariff reduction after Vietnam's FTA signed helps Vietnamese goods to enhance their competitiveness and attract more foreign investors to invest in Vietnam to produce products that are exported to Chile.