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Vietnam's US exports to hit $5bn
mark in 2004
HANOI -
Vietnam's exports to the United States fetched
more than US$5.16 billion last year, a 15.4%
increase over 2003. Imports, however, fell to
$1.12 billion, a decrease of 13.1%, according to
the Vietnam Commerce Department in the US.
Major exports included textiles and
garments - 54.5%, seafood and footwear - 9.1%,
agro-forestry and foodstuff - 6.8%, furniture -
7%, and oil and gas - 4.7%.
Vietnam's
exports only made up 0.35% of the US import value
last year. However, its export growth may depend
on its supply, competitiveness and marketing.
Vietnam's textiles and garments have
gained US importers' attention due to quality and
timely delivery. The US International Trade
Commission said that in Asia only Vietnam and
Indonesia can compete against China in exporting
these products to the US.
Vietnam is
considered to be the second supply source after
China, thanks to its competitively priced
workforce and high-quality products, said the US
Association of Importers of Textile and Apparel.
However, as of January 1, 2005, Vietnam's textiles
and garment products are still under an export
quota system while around 150 other exporters can
sell their goods in the US quota-free.
Meanwhile, exports of frozen and processed
seafood fell by more than 20% from 2003 due to an
anti-dumping lawsuit. The US Department of
Commerce's Seafood Management Department revealed
that the country's seafood consumption rose 13%
over 2003. To maintain its market share,
Vietnamese exporting businesses should diversify
products, reduce production costs, raise product
quality, and establish their representative
offices in the US to build trademarks.
The
Vietnam Commerce Department predicted that
Vietnam's woodwork export value to the US may
reach between $500 million to $550 million this
year, an increase of around 50% year-on-year while
its total earnings may reach $5.7 billion to $5.9
billion, a year-on-year increase of 15-20%.
Further opportunities to export footwear
to the US are opening as Vietnamese companies and
American importers seek bilateral contracts in a
push to avoid dependence on resources from China,
the US-based Vietnam Commerce Department said.
An increase in the price of footwear and a
shortage of laborers in China were cited as
reasons for the push, in addition to Indonesia, a
competitor of Vietnam's, experiencing
socio-economic problems over the past few months,
the department said.
While it was the
eighth-most prominent footwear exporter to the US
in 2002, Vietnam has overtaken Thailand, Mexico
and Spain to be the fifth. Vietnam now follows
China, Italy, Brazil, and Indonesia.
The
country, however, only represents some 2% of US
imports, while China makes up 68%, Italy 8%,
Brazil 7% and Indonesia 4%.
Footwear is
still promising for Vietnam, as US footwear
imports are forecast to continue rising without
fluctuation.
The country's exports to the
US have on average grown 40-50% every year.
Vietnam exported $430 million worth of footwear in
the first 11 months of 2004, up 43% from the same
period of 2003, the Commerce Department said.
(Asia Pulse/VNA) |
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