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Domestic market flourish with increasing export orders
26
Feb '08
World's preeminent importers like the US, Japan and the European Union are now eying smaller countries for reducing imports from key markets like China. This is likely to serve as a golden opportunity for Vietnam to promote its domestic exports.

Trade disputes with China, following the dumping charges, violation of food hygiene and safety regulations, and depreciation of the US dollar against the Chinese Yuan have forced US to seek new countries for importing goods.

Under the given circumstances, Vietnam has emerged as the most viable alternative for importing quality consumer products. Expert investigation furnishes sufficient prospective that the country may increase its exports to US by 23-25 percent compared to 2007. Emphasis will be laid largely on garments, woodwork and footwear products.

Moreover, exports to Japan are also likely to go up by 17 percent. Vietnam's textile and apparel exports turnover to Japan reached US $700 million in 2007, up 12 percent over 2006.

In this regard, EU is not an exception either; Vietnam's export to the region is likely to reach US $10.4 billion in 2008 which will account for a year on year rise of 23.5 percent.

Explaining this radical change in the perspective of importing countries, experts say that the quality of Vietnamese products have undergone massive improvement coupled by strengthening of relations with EU.


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