Domestic exporters to flourish in 2008

20 Feb '08

2 min read

According to experts, Vietnam exports to Asian markets are expected to reap US $24.5 billion which would be a 16.7 percent increase from the previous year.

Vietnam exporters have calculated an approximate of $9 billion revenue from Association of Southeast Asian Nations (ASEAN) countries which would account for a 15.4 percent year-on-year hike.

Income from these markets are expected on grounds that a huge cut on import tariffs, presently between zero to five percent, will prove beneficial for the Vietnamese exporters.

In the year 2007, exporters met with a huge success on account of the ASEAN markets, earning $7.8 billion or about 37 percent of the gross revenue of products entering the continent.

The Asian markets spent $21 billion on Vietnamese exports last year, representing a surge of 22.8 percent over the previous year.

Crude oil took a lion's share of the exports made to the ASEAN countries. Besides, Vietnam has also been eyeing Japan as a viable alternative since it is already standing as the second largest trading partner for the country.

This apart, Vietnam's wooden products are expected to earn $3 billion in 2008, a 30 percent increase against last year. The furniture have found good niche in some 120 countries worldwide, including the US, the UK, Germany, China, the Republic of Korea and European countries.

The US remains the biggest market for Vietnamese woodwork with export turnover of $930 million in 2007, accounting for 40 percent of the total.

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