Monday, May 21 2018

VietNamNews

Annual forecast optimistic for locally produced export goods

Update: February, 10/2014 - 08:21
Leather products were manufactured at Ladoda Company for export to markets including Japan, Korea and the US. Trade counselors forecast that exports of Vietnamese goods are expected to rise this year. — VNA/VNS Photo Thanh Ha

HCM CITY (VNS)— Exports of Vietnamese goods are expected to rise this year as the global economy continues to grow, according to many trade counselors.

Vu Ba Phu, Vietnamese trade cousellors in Belgium and Luxembourg, said the EU market had recovered, which will generate higher consumption demand, opening up more export opportunities.

Export of electronics, telephones, garments and textiles and footwear to Belgium, for example, enjoyed good growth last year and is expected to continue this year, Phu said.

Dao Tran Nhan, Vietnamese trade counselor in the US, said the US would remain a major market for Vietnamese goods, especially for seafood, footwear and apparel.

Similarity, Chile is becoming an increasingly important market for Viet Nam, with exports to the South American country growing at 20 per cent per year since 2010, said Tran Dinh Van, Vietnamese trade counsellor in Chile.

A free trade agreement between the two countries coming into effect in the new year would generate more export opportunities for Vietnamese products thanks to lower export tariffs, he said.

Vu Huy Hoang, Minister of Industry and Trade, said trade deals, including the Trans-Pacific Partnership agreement, the free trade agreement (FTA) between Viet Nam and the EU, and the FTA between Viet Nam and Korea under negotiation are expected to open up new opportunities for Vietnamese exports.

However, Hoang said to capitalise on opportunities, apart from boosting exports of the country's key export items such as seafood, agricultural products, apparel, leather and electronic products, businesses also should focus on developing new manufactured products that meet the demand of the world market.

Chances are abundant but challenges are great too, he said, noting that businesses should keep up-to-date information of both domestic and world markets to grasp opportunities.

In addition, domestic businesses need to improve product quality and design to enhance their competitiveness and avoid the risk of losing market share to competitors, according to trade counsellors.

Hoang said the ministry would exert more effort to strengthen promotions while speeding up negotiations for trade agreements to expand export markets for Vietnamese goods. — VNS


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