VIETNAM IMPORT AND EXPORT ENJOY MORE FROM CHINA RE-OPEN BORDER
VIETNAM IMPORT AND EXPORT ENJOY MORE FROM CHINA RE-OPEN BORDER
After nearly one month since China re-open the gate to out world, we have seen a recovery in some parts of the economy, especially in Vietnam.
For over the last 10 years, China has become the world factory, accounting for about 30% of total market demand and supply. The re-open of China with the Zero-Covid policy end means a lot to the global supply chain. In the normal situation before Covid, when China is in a Golden week for New Year or National Day, the remaining countries can not fill up cargo on vessels sailing blankly from/to China in a month, which shows how big an impact this country is. Now, Vietnam feels better with the supply of raw materials for productions like electronics, garments, textiles, and footwear. Even though we have some alternative sources in other FTAs’countries but the distance and price are surely not competitive as China’s.
On the revert side of imports from China, the exports from Vietnam to this biggest market could enjoy, especially for fruit, agricultural products, and seafood as well.
Because the re-opening of China started on 8th Jan 2023 and the Lunar new year holidays are also in the same month, therefore, we could not see many changes but surely it will happen in later months. We have a giant competitor back in the market, but more opportunities are coming..
We, Voltrans Logistics, do hope the economy of Vietnam and other countries will be back to normal and develop more soon.
By Thomas
Voltrans Logistics – Your Ware Our Care