vietnam Seeks to Expand Its Economy
China is Vietnam’s biggest trading partner. However, the two countries are competitors in international trade. Now, Vietnam is taking steps to deal with China’s surprise decision to devalue its currency. Vietnam is also making an effort to increase its exports in a very competitive part of the world.
In August, the value of China’s money fell by 3.5 percent against other currencies in foreign exchange markets. In recent months, the value of the Japanese yen, the Korean won and other Asian currencies also fell. That made exports from those countries less costly.