HCM City (VNA) – Local exporters have been hard hit by the dropping value of the US dollar, which has been trading at below 16,000 VND.
Vietnamese made products will be less competitive and more expensive on both the international and local markets as the dollar continues to decline.
A director of a garment company expressed her anxiety that revenue from garment export will drop.
Early this month, 29 companies in the aquatics industry had received good news from the US Department of Commerce, the repeal of an anti-dumping tax. But the falling dollar offset any gains they had made.
“The more we export, the more money we will lose. We really don’t feel happy with the new tax preference, “said Ho Quoc Luc, Sao Ta Joint Stock Company’s general director.
Luc said most exporters are rushing to sell their dollar funds. With an order worth 200,000 USD signed when the dollar rate is 16,000 VND, his company will lose 60 million VND.
Nguyen Thi Cuc, deputy general director of Phu Nhuan Jewellery Joint Stock Company, said her company has lost hundreds of million of dong.
Cuc said her company’s order, worth 3.2 million USD, was signed when the dollar was trading at 16,000 VND. With the current exchange rate, her company will lose 300 million VND.
Rice exporters are also crying foul with the hike of paddy price and decline of dollar value. The director of a rice exporter said at the time of a contract signing, the price of unprocessed rice was 3,650 VND per kilogram me. It is now 4,500 VND per kilogram me, an increase of 900 VND per kilogram me excluding labour cost. - Enditem
|
|