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Exports to Mideast to hit $2.3bil by 2010
Exports to the Middle East will earn Viet Nam US$2.3 billion by 2010, under a new Ministry of Industry and Trade (MoIT) plan.
Export earnings for 2015 are set to reach $7.5 billion. This reflects an annual growth rate of 27 per cent.
The United Arab Emirates (UAE) and Turkey are the most lucrative markets for Viet Nam's Middle East exports, according to MoIT estimates.
Exports to the UAE will earn the country $650 million and $2.4 billion by 2010 and 2015, respectively, representing a 30 per cent growth rate. The figures for Turkey for the same periods are $700 million and $2.6 billion.
Apparel, computer, electronic components, footwear, plastics, rubber, pepper, seafood, tea and wood products will be the key export staples to the UAE and Turkey, the ministry said.
The ministry expects to earn $200-700 million from each of the rest of the region's markets, which include Saudi Arabia, Israel, Iran, Iraq and Kuwait by 2015.
The Middle East is considered by the ministry as a bridge to build trade relations with other countries near the region. The Middle East enjoys a number of trade incentives from the US and EU.
To meet the ambitious targets, the ministry will strengthen its ties in the Middle East. It will also drive forward plans to gather facts on trade in the region by visiting market expos and swapping information.
Positive diplomatic negotiations will also be key to the plan's success. The plan will also pay special attention to Free Trade Agreements and other international tax, customs, banking and airline agreements.
MoIT intended to overhaul its trade offices in Middle East countries. Two new trade offices in Saudi Arabia and Israel would open next year, said MoIT deputy minister Le Duong Quang.
Quang said co-operation with Middle East countries in the oil and gas industry would be enhanced.
With import turnover of nearly $400 billion a year and a population of over 250 million, of which many are high-income earners, the Middle East is an attractive market for Vietnamese exporters.
However, Viet Nam's exports to the region remain modest. This is most likely due to a lack of information sharing between Vietnamese exporters and Middle East importers.
Viet Nam's export turnover to the Middle East in 2007 totalled $700 million, up 17.2 per cent over the previous year. The country's key export staples to the region included rice, coffee, apparel, computers, electronic components, footwear, plastics, seafood, rubber, coal, tea and wood products.
MoIT estimated that the country would earn roughly $1.4 billion this year, up 100 per cent over last year, from exports to the Middle East region.
Viet Nam News
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