The threats were discussed at a recent conference held by the Vietnam Institute of Economics to review the country's economic development over the last 30 years, where experts raised concerns over the rising import of old equipment from China.

According to Director of the Vietnam Institute of Economics, Tran Dinh Thien, China remained the largest import market for many Vietnamese enterprises who are buying input materials, including from machinery and technologies from the country.

"Vietnam’s trade deficit with China is growing fast," Thien warned. "We are seeing more made-in-China machines and equipment in Vietnam due to their cheap prices and easy customs procedures. And this is a worrying issue."

Statistics from the Ministry of Industry and Trade showed that Vietnam’s trade deficit with China could be as high as US$35 billion in 2015.

Nguyen Quang Thai, secretary general of the Vietnam Economics Science Association warned that Vietnam might become a dumping-ground for used-Chinese machines if this situation continued.

“I think we should tightly control the import of second-hand machinery from China," Thai said. "China is abandoning old machines while acquiring the latest equipment to serve its fast-growing economy and lower developed economies including Vietnam are becoming good destinations for older machinery."

Sharing the same concerns, Dr. Duong Dinh Giam, former director of the Industrial Policy and Research Institute under the Ministry of Industry and Trade, said that a big number of out-dated machines are being brought to Vietnam by Chinese enterprises operating in the country in garments and textiles, cement and IT.

Vietnam posted a trade deficit of $28.8 billion with China in 2014. China remained the largest import market for Vietnam this year, which revenue of $32.7 billion in the eight-month period, accounting for 29.8 percent of the total.

The trade imbalance between the Southeast Asian country and its northern neighbour in the first eight months of this year reached $22.3 billion, according to the General Statistics Office.