Vietnamese Exports Leading Way to Country’s Economic Recovery

Vietnam leads way out of financial downturn as Ministry of Industry and Trade focuses on cheap exports sector to drive revival.

Ho Chi Minh City, September 27, 2009 - Sourcing in Vietnam, a leading international sourcing company, says today that the Vietnamese economy is showing strong signs of recovery in the face of the ongoing financial instability still being experienced by other nations.

Following a difficult first two quarters of 2009 where exports were declining at a rate of 10%, Vietnam – referred to by Bloomberg as ‘…after China, the world’s next factory’ - has seen an upturn and a sharp increase in foreign interest.

Foreign investors and manufacturers were among the first parties to experience the supplementary effects of the global financial crisis, but are now poised to lead the way to recovery through cheap goods sourced from strong manufacturing nations.

The Vietnamese Ministry of Industry and Trade has stated that it is committed to stimulating growth in the country’s experts sector, an area which is essential to the country’s continuing economic recovery. The Ministry has cited as a priority the need to stimulate new trade with foreign nations to get the country’s exports back on track. In addition to concentrating on traditional export items, Vietnam will also diversify its manufacturing to focus on products which compete with neighbouring manufacturing rivals such as China and India.

With increased exports for the second half of 2009 considered imperative to help continue the economic recovery, companies like Sourcing in Vietnam Ltd are helping to promote Vietnamese manufacturing capabilities to foreign markets. Sourcing in Vietnam has been proactively encouraging local manufacturers to promote their goods by participating in international trade fairs, both in Vietnam and overseas.

With a view to helping drive inward investment in Vietnamese products, these actions have led to a greater exposure of their Vietnamese products to the world market. The impact of this is increased sales and further highlighting of Vietnam as one of the world’s premier manufacturing resources.

“It is imperative that Vietnamese companies continue to push and promote in the second half of this year if we are to reach the adjusted exports target of $61 billion”, said James Snee, CEO of Sourcing in Vietnam.

While Vietnam has not been too badly hurt by the global financial crisis, there is nonetheless work to be done. James Snee continued, “The pace at which Vietnamese exporting has declined has been relatively modest compared to the rest of Asia, particularly given the slide in commodity prices from a year ago. We have seen foreign investors who put projects and orders on hold during the global credit crisis begin to focus on low-cost producing countries such as Vietnam. This can only have a positive effect on the manufacturing sector”.
Vietnamese economic data has pointed to a revival in recent weeks, while business and consumer confidence research is also indicating brighter times on the horizon. “We are seeing many more orders in the pipeline right now and this leads us to be very positive about the future," Snee went on.

The recovery in Vietnamese trade can also be seen as a positive indication that the global economy is gradually recovering from the historic collapse. Sourcing in Vietnam endorses the view of European Central Bank President Jean-Claude Trichet who last week stated that the “economy is starting to get out of the period of free fall."

However, James Snee urged caution by saying, "The period of uncertainty we have been experiencing since the crisis intensified in mid-September 2008 is not yet entirely behind us, but there are reasons for optimism."

Sourcing in Vietnam is a trading and sourcing company that assists clients all over the world in purchasing products manufactured in Vietnam. The company assists with orders of all kind of consumer and industrial products manufactured in Vietnam, including coffee mugs, t-shirts, caps, steel, candles, baby’s clothes, shoes and food products including rice and coffee. Headquartered in Ho Chi Minh City, Vietnam, the company is led by a team of accomplished professionals who possess over 20 years of combined Asian business expertise. In Vietnam it has over 10 team members, who have previously served many international and local customers.

For more information please visit www.sourcinginvietnam.com.

Address: Suite 001, 216/24 Nguyen Van Huong, Thao Dien, An Phu, HCMC, Vietnam. Press contact: Nick Jonsson, nick@sourcinginvietnam.com. www.sourcinginvietnam.com

This release was published on openPR.