Experts explore Chinese Yuan devaluation effect on Vietnam
The US-China trade war and the fall in the Chinese Yuan price have big impacts on the world economy, including Vietnam. There are mixed views about adverse impacts on local exporters and importers.
A recent report from the Vietnam Institute for Economic and Policy Research under the Hanoi National University noted that the US and China are two trade partners of special importance of Vietnam.
The US is Vietnam’s largest export market, accounting for one fifth of total export revenue. Meanwhile, a quarter of imported goods to Vietnam are from China.
Currently, the Vietnam Dong price depends on the fluctuation of the US dollar.
When the Chinese Yuan’s price drops, the trade balance of Vietnam will be seriously affected as cheaper Chinese goods will flood the domestic market.
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