Local exporters pin high hope on new markets

It is forecast that exports of garment and telephone handsets will surpass US$20 billion each this year.

Phan Thi Dieu Ha, Deputy Director of the Import-Export Department under the Ministry of Industry and Trade (MoIT), said despite continuous export growth of many agro-forestry and seafood products, the country’s exports value in September dropped slightly by 6.6% to US$12.4 billion.

In the nine-month period, exports to new markets like African, Latin American and Caribbean countries witnessed a high growth of more than 50%, particularly Northern Africa rising by nearly 60% to US$466 million.

According to the Vietnamese regional Trade Office, the developing African countries have high demand for agricultural products, garment, computers, electronics, telephones and means of transport. Vietnamese businesses should grasp the opportunity to boost exports to this potential market.

Meanwhile, Latin American and Caribbean countries enjoyed an export growth of 25% to US$25.22 billion. Particularly, exports to Chile rocketed 132.9% to US$354 million. The high growth was attributed to the influence of the bilateral free trade agreement which came into effect as from January 2014.

Earlier, in July, Vietnam’s exports to Chile reached US$250 million (up 102%) while imports were US$203 million (up 12%), helping Vietnam obtain trade surplus from Chile for the first time.

Ha said although exports to new market are not high the impressive growth shows that a target for diversifying export market is on the right track. In the fourth quarter, local businesses should accelerate production to meet signed contracts, she suggested.

The MoIT forecast that if there is no obstacle the country’s exports will hit US$148 billion, a year-on-year increase of 12% and up 10% compared to the National Assembly’s set target.