Vietnamese Exports Surge
Dec. 10 – In a sign that the world’s markets have all but fully recovered, Vietnam’s exports are expected to hit US$70.8 billion for the year, which is an increase of 24 percent since 2009 and 16.5 percent higher than the government’s desired targets.
The Ministry of Industry and Trade reported that most sectors have experienced growth, especially industries involved in rubber, cashews, rice, chemicals, steel, and machinery.
Of these, the exports from the textiles and garments industry grew the most, relative to last year’s figures. Historically, the textiles industry has been the fastest growing sector in Vietnam, with a rate above 17 percent year-on-year for the past several years.
The industry is predicted to generate over US$11 billion in export revenues in 2010 for the Southeast Asian nation, a 21.3 percent rise from 2009, and is right along target for the government’s plan to have Vietnam enter the list of the world’s top 10 exporters of textiles and garments.
Le Van Dao, Vice President of the Vietnam Textile and Apparel Association, also mentioned the government’s plan to turn Vietnam into the region’s fashion center.
Such rapid increases in export volumes have also resulted in rapid price increases for agricultural, forestry and aquatic products as well.
For example, the Vietnam Food Association reports that since early November, the price of rice for export has risen by 8 percent to US$490-500 per ton. But rubber experienced the most dramatic price increase, increasing in price by nearly 86.4 percent since November 2009.
The only figures to fall since last year in volume were those of crude oil and cassava.