HA NOI —The number of Vietnamese businesses showing interest in Africa, South and West Asia is increasing year-by-year, director of Africa-West-South Asia Markets Department Ly Quoc Hung has said.
Many of Viet Nam's exports such as seafood, coffee, pepper, textiles and garments have been performing well in these markets, a trend reflected in the expanding export volume reported by the Ministry of Industry and Trade (MoIT).
The structure of Viet Nam's exports to African, West and South Asian markets has shifted to include more industrial and manufactured products, including mobile phones, computers and electronics. This development is considered an important precondition for Viet Nam to obtain stable export growth in these markets this year and in following years.
Experts predicted that Viet Nam's exports to Africa, West and South Asia would increase after Viet Nam approved the National Import, Export Strategy for the 2011-20 period late last year, and implemented programmes on promoting exports to Africa and strengthening trade ties with the Middle East by 2015.
The National Import, Export Strategy proposed some solutions for promoting production, accelerating economic restructuring, boosting market development, increasing investment, controlling imports and enhancing the competitiveness of businesses.
In 2011, Viet Nam's export value to Africa was estimated at US$3.5 billion, up nearly 200 per cent compared with 2010, and was paired with $1.4 billion worth of imports from Africa, up 80 per cent.
Viet Nam exported $2.1 billion worth of products to South Asia, up more than 46 per cent, and $2.44 billion worth of imports from South Asia, up 27 per cent. — VNS