Vietnam’s Economic Outlook Is Broadly Positive

According to the first ever trade report launched by Maersk Lines on December 10, 2013 in Ho Chi Minh City, Vietnam’s economic outlook still remains broadly positive with a steady flow of foreign direct investment (FDI) and increasing trade volumes. The report covers the first three quarters of Vietnam’s economy in 2013. According to Maersk, Vietnam was not immune to the global economic crisis, with Europe and US trade growth slowing to between 0-5 percent. As a result, Vietnamese exporters had to divert more of their products to other markets such as Asia, Latin America and Africa. Intra-Asia is the fastest growing container trade in the world and Vietnam has one of the highest growth rates for the intra-Asia export trade. Mr Albert Van Rensburg, Country Manager of MCC Transport, Vietnam & Cambodia, said that Asia is a hotbed of opportunity with GDP growth out-pacing the rest of the world and FDI increasing year-over-year. The report says that Vietnam is becoming more competitive with Trans-Pacific Partnership (TPP). According to Mrs Nguyen Thi Ngoc Bich, General Director of Maersk Line Vietnam & Cambodia, Vietnam continues to be an attractive sourcing destination with competitive advantages in low labor costs, a strategic geographical location, strong deep water port infrastructure, leading positions within agricultural exports, high GDP growth, long term political stability, and a government committed to enhancing economic stability and development Vietnam is in the process of integrating into global economy by TPP, where it has the competitive advantage to become the new… [Read full story]