NEWARK, N.J., June 14 /PRNewswire/ -- With rising labor costs and cultural shifts in China pushing manufacturers to look for new sourcing options, many are rediscovering Vietnam. Transportation leaders are responding with investment in the developing nation whose business managed to grow last year as others struggled.
Vietnam's prime minister reported at last week's World Economic Forum on East Asia that its economy will grow 6.5 to 7 percent this year after expanding 5.3 percent in 2009. PIERS Global Intelligence Solutions, a sister company of The Journal of Commerce, forecasts increased U.S. imports from Vietnam of 41.6 percent and exports of 16.3 percent this year.
In the first four months of 2010, exports of computer and electronics jumped 40.8 percent, compared to the same period last year, said IMA Asia. Technology giant Intel will fuel that surge with a new packaging and testing plant in Ho Chi Minh City opening this year.
"In effect, we are seeing a very fast transformation of Vietnam's light industrial base," said Richard Martin, managing director of IMA Asia.
Infrastructure investment is growing to meet the demand. In the face of recession cutbacks, six leading container lines initiated direct Vietnam-U.S. services, and operators opened four new terminals, with two more expected for 2011.
This week's Cover Story examines the future of this dynamic country, the economic trends behind its growth and the opportunities and challenges — infrastructure, while improving, still lags far behind China — Vietnam faces now and in the future.
To view daily news visit www.joc.com. For all media enquires, including article reprints, please contact Editorial Director Paul Page.
Since 1827, The Journal of Commerce has been the most trusted source of intelligence for international logistics executives to help them plan global supply chains and better manage day-to-day transportation of goods and commodities in the United States and internationally.
To become a member of The Journal of Commerce click here. JOC members have access to our weekly print and digital magazine and Web site, as well as a 10% discount on all JOC Events and trade shows, UBM Global Trade Directories and select PIERS products. Authoritative editorial content in the form of daily news, weekly analysis and regular features ensure our members have the information and data necessary to understand the issues facing trucking, rail and maritime transportation. Members enjoy access to "By the Numbers," an exclusive weekly compilation of key industry statistics that provides detailed views of current market trends across all modes. Regular market intelligence reports — utilizing PIERS trade data — include Top 100 Imports and Exporters, quarterly Top 40 Container lines, Transpacific and Transatlantic Maritime Forecasts and Top Container Ports and Terminals. Market-sector supplements, including Breakbulk, Cool Cargoes, 3PL, JOC Guide to Trucking and others, ensure all modes are comprehensively covered.
About UBM Global Trade - UBM Global Trade, formerly Commonwealth Business Media, Inc., has been the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide since 1827. The company's portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, The Journal of Commerce Events, PIERS Global Intelligence Solutions and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of United Business Media Limited, is headquartered in Newark, NJ, with offices throughout the United States and in Canada and Hong Kong. For more information, explore www.ubmglobaltrade.com or call 877-675-4761 (+1-847-763-4932 outside the U.S. and Canada).
SOURCE The Journal of Commerce