Vietnam allows use of yuan at Chinese border

Created 30 August 2018
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

 

Vietnamese can trade in yuan at the border with China, the State Bank of Vietnam has decreed.

Vietnam allows use of yuan at Chinese border

 

It means the transactions that traders and residents have been doing informally in the yuan for long along the border gets legal sanction from October 12.

Economist Nguyen Tri Hieu told VnExpress International: “There have not been any specific regulations on using the yuan in transactions. This will be the first.”

The new regulation would also allow Chinese tourists to pay for goods and services in their own currency in border areas, he added.

Vietnam recently became China’s largest trade partner in Southeast Asia. Bilateral trade in the first half of this year rose 17 percent year-on-year to $46.82 billion, with Vietnam’s exports accounting for $16.62 billion.

Exports to China had risen 61.5 percent against 2016 to $35.46 billion in 2017, according to data from the International Monetary Fund, as cited by Bloomberg

The Ministry of Industry and Trade said it is likely that two-way trade would hit $100 billion this year.

 

Source: VNE

Maybe You Also Interesting :

» Vietnamese coach sets sights high in regional football contests

Coach Park Hang-seo’s current targets: AFF Championship semifinals and past the group stage at the 2019 AFC Asian Cup.

» ‘Inevitable’ growth of Vietnam’s consumer lending market attracts newcomers

The great growth potential seen in Vietnam’s consumer lending market is attracting increasing numbers of newcomers.

» China arrests 25 illegal Vietnamese immigrants, smugglers in cross-border bust

Chinese police have smashed a syndicate that allegedly trafficked Vietnamese into Hong Kong via mainland China.
loading...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet