Vietnam urged to be cautious about Chinese investment
Growing Chinese investment to Vietnam could turn the Southeast Asian country into a transshipment point for China to reroute its exports to a third country.
Growing Chinese investment to Vietnam could turn the Southeast Asian country into a transshipment point for China to reroute its exports to a third country.
The establishment of communication channel under the agreement is instrumental in the fight against trade frauds and illegal transshipment, said Deputy Minister of Finance Vu Thi Mai.
The neighboring country remained Vietnam’s leading supplier of steel over the last three years, with the quantity and value growing at two-digit growth rates annually.
If not properly addressed, illegal transshipment would increase the risk of Vietnamese compliant traders facing slower export procedures in the US, as well as higher customs duties, said an expert of the US Agency for International Development (USAID).
Illegal transshipment has become a growing concern in US-Vietnam trade.