Vietnam eyes higher US exports after stimulus plan

Many local manufacturers and exporters are happy to embrace the news of a new stimulus plan launched last week in the US, which they see as a chance to boost exports to the country at a time when trade with other markets is slowing down.

The US remains the largest export market of Vietnam, with turnover in the year to date reaching nearly US$13 billion, an 18.2 percent year-on-year increase.

With the Fed announcing last Thursday that it would pump $40 billion into the economy each month until the jobs market shows sustained improvement, Vietnamese exporters said shipments to the US will continue to increase in both volumes and values.

“Local manufacturers have to reorganize their production to be capable of receiving orders with larger quantities in the future,” advised L.A., CEO of a footwear manufacturing company.

He also noted that the exporting rivals of Vietnam will also grab this chance to increase their exports.

“So local exporters should try to deliver the shipments on time, and ensure their quality in order to establish a long-term business with the US importers,” he shared.

His company is working on a $6-million contract to export 1.5 million pairs of shoes to the US in the last quarter of this year.

Meanwhile, Nguyen Van Kich, CEO of Cafatex, a catfish exporter, said the stimulus plan will boost buying power in the US, creating a chance to increase seafood exports to the market.



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