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Cargolux reflects IMF’s suggestion to Vietnam

LUXEMBOURG: April 14, 2016. Cargolux has added a third weekly frequency from Luxembourg to Ho Chi Minh City via Doha with a return via Singapore and Baku.

Cargolux HanoiLast month IMF managing director Christine Lagarde said China’s continuing retreat from less sophisticated, labor-intensive manufacturing could create major opportunities for its neighbors in the Mekong region including Cambodia, Lao, Myanmar, andVietnam.

Speaking in Hanoi Ms. Lagarde said that in addition to winning market share at the lower end of the value chain, Vietnam has a unique opportunity to sell more final goods, such as cell phones and computers, to Chinese consumers.

However while Vietnam’s exports to China grew almost twice as fast as its total exports last year, China accounted for only a tenth of Vietnam’s overall exports. She noted the “biggest prize” for the country would be the transformative impact of the recently signed Trans-Pacific Partnership (TPP) that could lift Vietnam’s GDP by a cumulative 8.0 percent, and exports by 30 percent, over the next 15 years.

The IMF head said this could be achieved by boosting Vietnam’s exports to key markets, such as the U.S. and Japan, and by encouraging further strong inflows of foreign direct investment.

“More broadly, TPP could provide critical impetus for much-needed economic reforms, especially in state-owned enterprises. Stepping up these reforms will not only allow Vietnam to meet its TPP requirements, but it will be essential for its future prosperity,” she added.

Cargolux has served Vietnam’s largest city since 2007 and its capitol Hanoi since 2013. With the addition of a third weekly frequency to Ho Chi Minh City, the airline said it acknowledged the growing demand for air cargo capacity in an increasingly important market that is rapidly ramping up its trade and manufacturing industries.

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