The U.S. financial crisis affects Vietnam’s textile and apparel exports to the U.S.

According to a recent report by Vietnam’s “Investment News”, Vietnam’s Ministry of Planning and Investment reported that the U.S. financial crisis will affect Vietnam’s exports to the United States. In the first seven months of this year, Vietnam’s exports to the United States increased by 19.2% year-on-year, much lower than the 28.6% growth rate in the same period in 2007. In the first nine months of this year, the U.S. market’s share of Vietnam’s exports also dropped from 20.7% in 2007 to 17.7% now. The affected Vietnamese export products to the United States are mainly textiles, clothing, footwear, pangasius and coffee.
According to reports, the U.S. financial crisis has also indirectly affected Vietnam’s exports to Europe and Japan. The proportion of the European market has dropped from 18% in 2007 to 16.5% this year.