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March 17, 2008

Vietnam remains optimistic over export prospects

Vietnam still has many opportunities to increase exports to the US despite concerns about the US economy moving into a recession, Vietnam News Agency quoted a leading Vietnamese economist as saying.

The $10 billion export turnover to the US in 2007 was considerable for Vietnam, said senior economic expert Pham Chi Lan, but that only accounted for 0.5 percent of the US's total import value.

She noted local enterprises competitiveness and product quality are Vietnam’s major challenges. Vietnamese businesses need to study export markets carefully and diversify their products in line with consumers tastes, according to Richard Obrien, Director, the US Consumer Product Safety Commission (CPSC) Office of International and Inter-governmental Programmes.

The US currently imports such products as garment, footwear, seafood, coffee and woodwork from Vietnam. Speaking at a forum with Vietnamese exporters to the US held by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi on March 12, OBrien said local companies should also pay more attention to measures to avoid risks when exporting their products to the fiercely-competitive US market.

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