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Vietnam's export growth to continue slowing this year: HSBC

Xinhua, February 5, 2015 Adjust font size:

Vietnam's export growth would continue slowing in 2015 due to the impact of slowing commodity prices, falling external demand and warning currency competitiveness, according to the Hong Kong and Shanghai Banking Corporation (HSBC).

The export growth would decelerate to 12 percent from the 13.6 percent recorded last year, local Saigon Times Daily quoted the bank's macro-economic report on Thursday as saying.

Although exports have achieved double-digit growth in recent years, the rates have declined, said the report.

In 2014, Vietnam's exports reached the 150 billion U.S. dollars milestone, expanding by 13.6 percent against 2013. However, that is a deceleration from 15.2 percent growth in 2013 and 18.2 percent growth in 2012, said the report.

The drop was attributable to the decline in commodity shipments in value and volume, especially crude, rubber, coal and rice. Meanwhile, footwear, apparel, aqua products, phones, and computer parts exports rose sharply, primarily thanks to Vietnam's relative labor cost competitiveness (up 22 percent, 16 percent, 18 percent, 13 percent and 10 percent, respectively, in 2014).

According to the bank, the same trend will dominate export growth in 2015. Manufacturing exports will outperform, while commodity-based shipments will slow. Endi