Vietnamese exporters hope to ride on US stimulus

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Vietnamese enterprises are expecting to expand exports to the US after it announced a new economic stimulus package on September 13.

Exporters say the US policy, known as QE3, introduced by the US Federal Reserve in an effort to expand the economy and reduce unemployment by buying $40 billion in mortgage-backed securities each month, will raise their export turnovers, which reaped roughly US$13 billion in the first eight months, surging 18.2 percent over the same time last year, Tuoi Tre newspaper reported Tuesday.  

Nguyen Van Kich, general director of seafood producer Cafatex Corp. in the southern province of Hau Giang, said the plan, which began on September 14 and is expected to add $23 billion to the market in the remaining days of the month, could give Vietnam's seafood export a boost, especially of tra fish (pangasius).

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood export turnover to the US in the first eight months was nearly $810 million, up 10.8 percent year-on-year.

"Our income from exports to the US in the first eight months rose 20 percent compared to the same period last year, and we are hoping to raise it in the last few months thanks to the new economic stimulus package," said Nguyen Pham Thanh, general director of Highland Dragon Ltd., a seafood company in the southern province of Binh Duong, said.

Nguyen Chien Thang, chairman of the Handicraft & Wood Industry Association of Ho Chi Minh City, said American importers are ordering more products from domestic producers at the moment.

"I think the US will be the major market for the wood sector to raise export revenues in the last four months and reach the annual target of $4.5 billion," Thang said.

Deputy Director Pham Thi Minh Huong of Phong Phu Corp., a textile firm in HCMC, estimated its export turnover of jeans to the US in the first nine months at $85 million, a 49 percent increase over the same period last year.

For the textile sector as a whole, export revenues in the first eight months to the US market reached $6 billion, up 8.5 percent year-on-year, Tuoi Tre reported.

Diep Thanh Kiet, deputy chairman of the Vietnam Leather and Footwear Association, said that Vietnamese firms have a great opportunity to increase export revenues to the US since buyers in the market are switching from China to Vietnam.

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