Vietnam Exports to U.S. Tipped to Ease at 14.5 per cent This Year: Trade Envoy
Vietnam’s exports to the U.S. are forecast to slow to 14.5 per cent this year amid the global economic downturn; Trade Counselor in Washington, Ngo Van Thoan was quoted by Vietnam News Agency as saying.
Thoan noted that last year Vietnam’s exports to the U.S. grew 18 per cent to 19 per cent.
The government of Vietnam should take advantage of low-cast labor forces to boost exports, minimize impacts from the global economic contraction, Thoan proposed.
Major challenges may come from Washington’s policies to limit imports, particularly the 2008 Farm Bill, which becomes effective this year, Thoan said.
By the end of October last year, Vietnam shipped over US$10.5 billion, equaling 2007’s exports revenues, and representing on year rise of 21.3 per cent.
Three of 15 categories of exports to the U.S. exceeded US$1 billion value, the value of apparels was US$4.4 billion, of timber furniture, leather and footwear hit US$1 billion, the Vietnamese embassy in Washington said.
The U.S. is expected to grant Vietnam the Generalized Systems of Preferences status this year, which will also help boost Vietnam’s exports.
The U.S. is a buyer of 20 per cent of Vietnam’s exports value, the trade envoy added. (VNA)
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