Overseas shipping companies are still positive about Vietnam's economic prospects in spite of escalating tensions in the South China Sea, with Maersk upping ship capacity deployed in northern Vietnam from 1,100-1,500 TEU.
A report by VietnamNet bridge said the move aims to satisfy high shipping demand at Hai Phong port, according to Shipping Gazette.
CEO Nguyen Thi Ngoc Bich said Maersk's transportation activities in the East Sea had not been affected by the territorial dispute between Vietnam and China. Orders to ship goods to Europe, America and other markets have been stable.
Experts also claim that the riots in Binh Duong Province in mid-May did not have a considerable impact on import-export capacity, with orders returning after one week of interruption.
Data collected by Maersk Line from international importers and exporters show that Vietnam's exports rose by 19 per cent in June, and imports were up by 34 per cent. Exports to the US increased by nine per cent.
Vietnam's earnings from exporting goods to China swelled to US$13.3 billion last year, while import turnover from China hit $36.9 billion.
"Analysts have every reason to believe that Vietnam's economy will maintain its high growth rate, at least in the short term. Demand for cargo shipping will stay high," the report said.
Representatives from foreign shipping firms which have offices in Ho Chi Minh City said that, despite the East Sea tensions, Asian neighbours China, Japan and South Korea remain key trading partners for Vietnam.
They believe that the East Sea problems will have no major impact on Vietnam's import and export output once industrial production in Vietnam regains its strength.
Research director of the Fulbright Economics Teaching Programme Dr Vu Thanh Tu Anh said figures on two-way trade turnover showed that China is making big profits doing trade with Vietnam. If it barred trade with Vietnam, it would suffer.
Vietnam also imports materials in large quantities from China to serve domestic production. If the supply source is blocked, Vietnam would buy materials from other sources, possibly China.
However, problems still remain for the shipping industry, not least because it is estimated that shipping firms in Vietnam have to pay US$100 million in extra expenses due to a delay in customs clearance, and as such logistics fees account for up to 25 per cent of GDP, higher than in other Asian nations.
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