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Vietnam exports to US accelerate

Date: 4/25/2009 11:40:00 AM

Vietnamese exports to the US accelerated for the first time since January, suggesting the country’s lower costs may help sustain demand for its products amid a slowing global economy.

Shipments to the country’s largest market rose 21 percent from a year earlier to US$9.26 billion in the first nine months of 2008, according to figures from the US International Trade Commission (UITC). Exports had gained 20 percent through August.

The government this month lowered export forecasts for 2009 amid concern economic growth may fall short of its target next year. Still, efforts by Americans to economize and shop at less expensive stores may benefit Vietnam, which supplies these retailers, US ambassador Michael Michalak said.

“Vietnam is a major exporter to some of these stores,” Michalak said in Hanoi. “This could have a positive effect” on Vietnam’s exports.

Apparel exports rose 23 percent to $3.87 billion in the first nine months, matching the pace in the January-toAugust period.

Vietnam’s ability to produce lower-cost items, such as garments, may protect it from a slump in exports stemming from the global slowdown, according to VinaCapital Investment Management Ltd. Deputy Managing Director Pham Do Chi.

Americans may “shop less at Bloomingdale’s or Saks Fifth Avenue, but might go more often to Target and to Wal-Mart,” Chi told a conference in Ho Chi Minh City last week. “We produce the so-called cheap exports.”

Wal-Mart Stores Inc., the world’s largest retailer, said this month that its sales climbed in October, and that it was “optimistic” about the holiday shopping season.

Vietnam’s oil exports to the US grew 69 percent through September to $508 million, buoyed by higher crude prices compared to a year earlier, and the opening of new fields.

Soco International Plc’s Ca Ngu Vang field, which began production in July, has recently been pumping around 18,000 barrels per day, deputy chief executive Roger Cagle said in a November 6 interview. Soco had previously said it expected to pump 20,000 barrels per day by October.

Coffee shipments to the US rose 5 percent to $249 million through September, unchanged from the rate of growth in the first eight months. Furniture exports advanced 21 percent to $1.05 billion, down from 22 percent through August, while footwear grew 13 percent to $893 million, down from 14 percent.

US exports to Vietnam climbed 83 percent to $2.14 billion as auto shipments almost doubled to $235 million.

(Source:Bloomberg)

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