HCM City (VNA) – Vietnam plans to increase exports to the Middle East and South Asia to 2.3 billion USD this years, an increase of 33 percent compared to last year, according to the Ministry of Industry and Trade.
Vietnam ’s main exports to these areas include rice, coffee, textiles, garments, footwear, plastics, electronic appliances, seafood, tea, rubber, coal and timber.
In 2007, revenue from exports to the United Arab Emirates (UAE) grew to 230.5 million USD, while exports to Turkey reached a value of 201.8 million USD.
The Ministry of Industry and Trade set this year’s export revenue targets at 326 million USD to the UAE, 141 million USD to Egypt , 299.8 to Turkey , 236 million USD to India and 184.9 million to South Africa .
According to the ministry’s Department of African, Middle East and South Asian markets, Vietnam was considering importing quality and competitive goods from these regions such as petroleum and chemicals from Kuwait and Saudi Arabia , textiles and garments from India , and cottons and timber from nations in Africa .
The physical distance, complicated import procedures and insufficient information between Vietnam and countries in Africa, the Middle East and South Asia would challenge the nation’s ability to promote trade, according to the ministry’s trade officials.
In an effort to further trade relations in these areas, the ministry proposed that a legal framework be constructed to include bilateral trade agreements, agreements for promotion and protection of investment, as well as a cooperation agreement in aviation and navigation.
Difficulties in payment procedures and trade regulations are other obstacles to trade with these markets.
The ministry further suggested that the Government support Vietnamese business investment in African countries to produce agricultural and industrial goods for on-site consumption or export to a third country.
Trade officials also urged small and medium-sized businesses to raise product quality, train marketing staff, improve business plans and create trademarks to increase their capacity to compete in the global market.-Enditem
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