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Vietnam sees Middle East as potential export market
An official from the Trade Promotion Department has asserted that the Middle East will become one of Vietnam’s major export markets in the future.
Addressing a seminar on exports to the Middle Eastern market held in Hanoi on Oct. 7, Vice Head of the Trade Promotion Department Le Hoang Oanh said trade with Middle Eastern countries is progressing due to the increasing consumption demands of the locals.
Additionally, many Middle Eastern countries are shifting their trade and investment undertakings towards eastern markets, including Vietnam, thus helping to expand the doorway for Vietnamese goods into the market.
Seizing this opportunity, Vietnam has recently intensified political and diplomatic activities, signing trade agreements with a number of regional Middle Eastern countries to form a legal framework for cooperative activities.
As a result, Vietnam’s exports to Middle East have improved satisfactorily in terms of both market and trade balance.
The two largest importers of Vietnamese goods in the region are the United Arab Emirates and Turkey.
In 2007, Vietnam’s two-way trade with the Middle East reached 1.2 billion USD, including 700 million USD in exports, and is expected to increase by 30 percent this year. This figure did not include exports to the region via a third country.
Vietnam’s export staples to the Middle East are rice, coffee, textiles and garment products, computers and appliances, footwear and maritime products and woodwork, whilst imports to Vietnam from the region include petroleum, petrochemical products, fertilisers and steel.
At the seminar, businesses shared experiences in exporting to the Middle East.
VNA
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