Vietnam to Fetch US$11 Bln from Exports to U.S. This Year
Vietnam’s export value to the U.S. is forecast to increase to US$11 billion this year from US$10.3 billion in 2007 despite the worry about the U.S. economy’s recession, the Tien Phong (Pioneer) newspaper reported May 19, citing the Ministry of Industry and Trade (MoIT).
The country’s key exports of apparel, seafood and handicrafts will still obtain high growth rates, said Le Xuan Duong, Director of the MoIT’s Export Assistance Department.
Garments and textiles is likely to overtake crude oil to become Vietnam’s the largest foreign cash earner in the U.S. market, said the U.S. embassy in Vietnam’s first secretary Joaquin F. Monserrate, adding that footwear would be also placed the second position.
Meanwhile, the country is estimated to spend US$1.7 billion on imports from the U.S., down 10.52 per cent on-year.
To accelerate export value, Vietnamese firms should open representative offices in the U.S., said Elizabeth Rose Daly, international trade director of the New York Mayor’s Office.
Vietnamese enterprises should pay greater attention to increase their products’ reputation, said Monserrate.
The U.S. is now Vietnam’s largest export market while the ASEAN country has been listed among 30 biggest exporters to the U.S. in 2007, according to a report by the U.S. International Trade Commission (ITC). (Pioneer, VIR)
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