HSBC: Vietnam contributes to boosting world trade

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VOV News English - 36 month(s) ago 22 readings

HSBC: Vietnam contributes to boosting world trade

(VOV) - Vietnam is one of the five leading producers which will play an important role in facilitating global trade until 2020.

The other four nations are India, Indonesia, China and Egypt, according to a report released by the Hongkong and Shanghai Banking Corporation’s (HSBC) in Ho Chi Minh City on October 19.

Vietnam’s total trade revenue is expected to jump from US$108.1 billion to US$282.5 billion by 2025, a growth rate of 144 percent over 2011, Huynh Buu Quang, Head of HSBC Commercial Banking told reporters.

According to a recent report by HSBC, India, Vietnam, Indonesia, China and Egypt will become the world’s top five producers by 2025.

Asia’s total trade value is forecast to reach nearly US$14 trillion and is considered to be the main factor driving world trade growth, which is set to increase by nearly 75 percent by the time.

Quang praised the Vietnamese government’s policies to curb inflation adding that although the country’s economy has experienced a number of fluctuations in recent years, its trade earnings are still expected to rise by 7.26 percent in 2011 and maintain a growth rate of 8.3 percent over the next five years.

With 115 points, Vietnam ranks 7 th in the world and 3 rd in the Asian region in the HSBC Trade Confidence Index.

Meanwhile, businesses in Australia, Singapore, Vietnam and China worry about buyers defaulting on payments and intend to request payment in advance or tighten the payment terms with their suppliers.

China remains the market with the most potential for exporters from Asia, including Vietnam.

China, the US, Japan, Singapore and the Republic of Korea will become Vietnam’s largest trade partners, and trade revenues to the five markets are likely to increase significantly in the next 15 years.

Also, the opening up of new trade channels with Swiss, Egyptian, South African and Saudi Arabian markets reflects Vietnam’s growing global strength in exporting raw materials.

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