Vietnam And Its Effects On The United States - 1101 Words

Vietnam exports mainly rice, crude oil, textiles, garment products, rubber, rice, coffee, beans, seafood, electronics and computers. Its major exports partners are: United States, China, Japan, Singapore and Australia. Vietnamese exports was affected greatly because: (i) Vietnam has been one of the countries that have relatively large trade openness and (ii) Before the crisis, Vietnam was ranked the 50th and 41st among the top 50 countries with highest exports and imports relatively, accounting for 0.3% of total global exports and 0.4% of total global imports. Two majors news affecting Vietnamese exports in the seven-years period between 2001 and 2007 are the opening of the US market starting in 2001 and the joining of Vietnam into WTO in†¦show more content†¦Figure x: Export value of Vietnam, June 2008 – January 2009 (Source: General Statistic Office of Vietnam, GSO 2009) The decline in commodity prices across the globe in the last few months of 2008 combining with a policy change in Vietnamese rice exports lead to a continuous contraction of the exports of this country. According to the Viet Nam General Administration of Customs (VGAC), the average export price of some key commodities such as oil, rubber, rice, coffee, beans went down, the signing of new export contracts was more difficult, and many export contracts were suspended or delayed to late 2009 (Pham 2009). Data on exports of Vietnam (Table 1) showed some positive signs in 2009, but this improvement didn’t reflect the true state of Vietnamese exports at the time, as all exports increased due to gold exports. Only by the end of the first quarter of 2010, exports started to stabilize back to its pre-crisis levels. Table 1: Vietnamese exports 2007-2012 (In USD billion) Year/Month 1 2 3 4 5 6 7 8 9 10 11 12 2007 3,76 2,89 3,86 3,64 4,08 4,17 4,25 4,30 3,77 4,30 4,50 4,68 2008 4,91 3,33 4,83 5,00 5,75 6,20 6,55 6,00 5,27 5,04 4,80 4,67 2009 3,83 5,08 5,33 4,28 4,44 4,81 4,81 4,62 4,61 5,07 4,76 5,47 2010 5,08 3,72 5,60 5,46 6,31 6,32 6,07 6,94 6,212 6,282 6,709 7,543 2011 7,36 4,95 7,66 7,57 7,35 8,58 9,40 9,40 8,20 8,43 8,93 9,10