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Nation eyes new avenues for amplifying export earnings
16
May '08
According to the Ministry of Industry and Trade (MOIT), the nation plans to increase its export in South Asian and Middle East regions. The aim is to take export earnings to nearly US $2.3 billion, increasing it to almost 33 percent in comparison to 2007.

This year MOIT aspires to increase its export to UAE from $230 million last year to nearly $141 million and to Turkey from $201 million in 2007 to $236 million.

In 2007, export to South Africa reached $184.9 million and to various Asian regions nearly $1.72 billion. Goods shipped to Egypt fetched almost $141 million and revenue earned from India touched $236 million.

Vietnam is now thinking over importing products like petroleum and chemicals from Kuwait and Saudi Arabia, textile and garments from India and cotton from Africa for fulfilling domestic demand.

The authorities are ready to provide complete support to all the local enterprises to make investments in foreign countries. Trade officials have also urged small and medium scale units to improve their product quality, business plans and create trademarks to compete in international market.

To ease the trade process, the Government is planning to modify the legal framework that includes promotion and protection of investments as well as bilateral trade agreement for better business dealings.

Fibre2fashion News Desk - Vietnam

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