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Wire exports set to increase
Increased global demand for electric wire and cable in the automobile industry was tipped to boost exports in the third quarter of this year, the Ministry of Industry and Trade said.
Vietnamese electric wire and cable was sought after because the quality was good and the price competitive, the ministry said.
Imports of materials to make electric wire and cable increased sharply in May and the price of the material also increased, which was expected to push up the price of exports.
In the first five months, Viet Nam earned US$487.8 million from exporting electric wire and cable, double the same period last year, the ministry said.
The two largest importers were Japan ($342 million) and the US ($53 million), both double the same period last year, mainly of electric wire and cable for automobiles, computers and motorbikes.
Africa and the Middle East also had potential for exporters, the ministry said.
The sector had room for growth and would benefit from support policies, such as reduced export fees and red tape, the ministry said.
Producers should use local material to cut production costs and invest in research and production technology to add value to products.
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