Lo­cal share of Viet­nam im­ports shrinks

The China Post - - LOCAL -

Tai­wan’s share of prod­ucts im­ported by Viet­nam has been shrink­ing as a re­sult of slow progress in Taipei’s bid to sign a free trade agree­ment (FTA) with the Southeast Asian coun­try, eco­nomics of­fi­cials in Tai­wan said yes­ter­day.

Main­land China and Hong Kong to­gether ac­counted for 30.3 per­cent of all prod­ucts Viet­nam im­ported in 2014, the high­est share among all ex­porters to the Southeast Asian coun­try, ac­cord­ing to Tai­wan’s Min­istry of Eco­nomics Af­fairs (MOEA).

In sec­ond place was South Korea with 14.7 per­cent, fol­lowed by Ja­pan’s 8.7 per­cent and Tai­wan’s 7.4 per­cent.

Com­pared to 2010, the rank­ings did not change, but China and Hong Kong’s share grew 5.4 per­cent­age points, South Korea went up 3.1 per­cent­age points while Ja­pan and Tai­wan saw de­creases of 2.1 and 0.8 per­cent­age points re­spec­tively, the MOEA said.

MOEA of­fi­cials at­trib­uted the de­creased Tai­wan share to the slow progress in FTA talks be­tween the two sides, com­pared to South Korea’s faster pace in do­ing so with Viet­nam.

The of­fi­cials said a slow-down in Tai­wan’s in­vest­ments in Viet­nam has also af­fected the ex­ports.

Ac­cord­ing to Viet­nam gov­ern­ment fig­ures as cited by the MOEA, Tai­wan was the top for­eign in­vestor in Viet­nam be­tween 1988 and 2006, with in­vest­ments ac­cu­mu­lat­ing to US$8.26 bil­lion for the pe­riod.

But start­ing 2007, South Korea has over­taken Tai­wan to be­come the top for­eign in­vestor in Viet­nam.

As of 2014, South Korea, Ja­pan and Sin­ga­pore were the top-three for­eign in­vestors in Viet­nam, and Tai­wan was only in fourth place.

But MOEA of­fi­cials said the Viet­namese fig­ures did not take into ac­count in­vest­ments from a third place. Tai­wan would still be the top for­eign in­vestors in Viet­nam if the in­vest­ments it made through a third coun­try were taken into con­sid­er­a­tion, the of­fi­cials said.

In fact, Tai­wan’s ex­ports to Viet­nam have been grow­ing de­spite de­creased share, the of­fi­cials said.

Driven by its long-term in­vest­ments in the coun­try, Tai­wan’s ex­ports to Viet­nam grew to US$11.08 bil­lion in 2014 from US$6.25 bil­lion in 2009.

Dur­ing the same pe­riod, Tai­wan’s im­ports from Viet­nam in­creased to US$2.31 bil­lion from US$1.12 bil­lion.

De­spite the ri­ots in Viet­nam last year, Tai­wan’s ex­ports to Viet­nam and im­ports from the coun­try grew 17.6 per­cent and 4.5 per­cent re­spec­tively in 2014 on an an­nual ba­sis, the of­fi­cials said.

Tai­wan’s ex­ports to Viet­nam last year were mostly ma­chin­ery and raw ma­te­ri­als, with ma­chin­ery equip­ment amount­ing to US$1.42 bil­lion or 12.8 per­cent. Other ma­jor ex­ports to Viet­nam were com­put­ers, other elec­tronic de­vices and com­po­nents, tex­tile prod­ucts and petroleum.

Im­ports from Viet­nam were mostly con­sumer, agri­cul­tural and fish­ery prod­ucts, the MOEA of­fi­cials said.

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