Global slump dashing Vietnam hopes for export-led growth
HANOI - Vietnam's exports are expected to rise just 4.5 per cent this year, well below the government's
2001 target of 16 per cent, official figures showed Tuesday.
A collapse in world prices for Vietnam's key agricultural commodity exports was the main
factor in the lower than expected export total of 15.100 billion dollars, the preliminary figures
from the General Department of Statistics showed.
Despite increasing volumes, falling world prices of oil and of agricultural commodities have cut
export earnings from these products, which comprise nearly 40 per cent of Vietnam's total
exports.
Key rice and crude oil exports dropped 0.3 per cent and 11.8 per cent year-on-year
respectively.
Coffee exports by the world's number two supplier rose 24 per cent by volume but fell 23.2 per
cent by value.
Cashew and pepper exports showed the same story, growing 20.3 and 51.6 per cent by
volume but falling 13.9 and 38.5 per cent by value.
Meanwhile, electronics exports fell 22.7 per cent and handicraft were stagnant year-on-year.
Increases in other exports and the late ratification of a Vietnam-US bilateral trade agreement
this November failed to keep Vietnam on track for export growth.
The figures showed fruit and vegetable export earnings grew 42.9 per cent -- seafood up 21.7
per cent, coal 15.3 per cent, clothing and textiles 5.7 per cent and footwear 3.8 per cent.
An import bill of 16 billion dollars, up just 2.3 per cent year on year and the trade deficit just
widened at 900 million dollars in 2001 from 892 millions dollars in 2000.
Motorcycle imports were down 26.8 per cent and computers and electronic goods 24.3 per
cent, although auto imports rose a whopping 84.4 per cent, steel 33 per cent, cotton 31 per
cent and other chemicals 19.9 per cent.
However, in the future, the US and China will provide Vietnam good opportunities for
expanding exports, despite the global slowdown, according to the World Bank.
Communist authorities have been counting on a major boost in exports to the US to help them
achieve an ambitious annual growth target of 7.5 per cent for the next decade.
Agence France Presse - December 26, 2001.
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