Vietnamese Workers Fear U.S. Spending Slowdown

Global Labor Production: Nick Shields. November 14th, 2008. 3:56 pm.

The Vietnamese economy, like many in the world, relies on the U.S, especially for exports. The United States is Vietnam's single largest export market. About half of these exports to the U.S. are clothing a shoes. The recent slowdown of spending in the United States has many workers in the clothing and shoe factories in Vietnam worried that they might not have jobs very much longer. Nguyen Thi Thao, who works in a garment factory and makes 70 dollars a month says "...I know it will effect us, because if the U.S. economy slows down, Americans might reduce orders and spending. And that might mean fewer jobs for people like me." American consumers are responsible for about 60 percent of the exports at Hanosimex, the Vietnamese factory at which Nguyen Thi Thao works. Nguyen Thanh Bringh, the companies deputy director says she has not plans to lay off workers for now, but also said that large state-owned companies are better equipped for facing an economic downturn. However, smaller private producers in Hanoi and Ho Chi Minh City have already begun to let people go. The good news is that Vietnam is still one of the fastest growing economies, second only behind China.
It seems like week after week, as I am looking for things to discuss on this blog, I come across more stories about how the weakening of the U.S. economy is negatively effecting laborers around the world. This recent economic downturn has really highlighted the fact that the world needs more than one huge economic leader. It is great that China and Vietnam are both growing at high rates. No one country should be able to effect the worlds economy this much. In America we hear about how people can no longer get loans or lost their retirement, but the truth is that people in other places are seeing worse effects for things that we caused. The factory worker in the story I read only made 70 dollars a month and was happy and grateful about it. It should really teach the people who were taking out loans on $300,000 homes that they cannot afford to be happy with what you have. It is okay to strive for more, that is what the "American dream" is about, but there is a fine line between that and greed.
http://www.npr.org/templates/story/story.php?storyId=96952921