2011 export turnover to increase

Of that figure, export from foreign-invested sector (not including crude oil) is estimated to earn about US$38 billion, accounting for 48.7 percent of total exports and up 13 percent compared to 2010.

Fishery export is expected to reach US$6 billion, rice 6.5 million tonnes, coffee 1.2 million tonnes and rubber 800,000 tonnes.

He also said that in 2011, export-import activities could see favourable conditions thanks to the recovery of international economy, especially those of Vietnam’s traditional export markets. Besides, under the leadership of Government and Prime Minister, measures to promote export and control trade deficit have been well implemented and effective.

The growth will be particularly rapid for several groups of products as the result of the investment attracted in recent years, particularly in foreign-invested projects. These include electronics, computers and mechanics.

However, Nguyen Thanh Bien also warned of difficulties in 2011 brought by globalisation and the integration trend, including public debt crisis in some Asian nations, and trade protection.

In addition, the price of raw materials is expected to be a problematic issue in near future especially of crude oil. This, along with the shortage of labour in the fishery and textiles and garments sectors, and the shortage of electricity, will cause various difficulties to lead the businesses. Natural calamities and epidemics will also bring risks to both people and manufacturers.

Export values raise

According to the Ministry of Industry and Trade, items of limited export have been reduced by more than 8.5 percent, while others from “the US$1 billion club”, such as rice, coffee and fish need to improve their quality and reduce the quantity, which was the lever to promote exports in 2011.

Nguyen Huu Dung, Vice Chairman of Vietnam Association of Seafood Exporters and Producers (VASEP) said although export turnover in 2010 had increased by 16.6 percent over 2009, the plan for 2011-2015 would be to change the export structure so as to reduce the reliance on volumes.

“It is time to think of export benefits”, he said.

Nguyen Thanh Bien said the ministry planned five main solutions for the short term, focusing on working together with local authorities to promote export and put the trade deficit under control.

Improving the trade balance is one of the important means of macro-economic stabilisation and growth promotion, expanding export markets and developing traditional and new markets, particularly in Eastern Europe, West Asia, Middle East, Africa and Latin America, he said.

Through the Free Trade Agreement, especially with Japan, China and the markets in the region, Vietnamese goods will have an opportunity to approach these markets to decrease its trade deficit.