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Export revenues likely to reach $35.5bn this year
17 Jan '07
1 min read
As 2007 is the first year of WTO membership for Vietnam, it is expected to bring new industrial opportunities. Export revenues are anticipated to be US $35.5 billion.
Industrial sector grew 17 percent last year, with net export turnover exceeding $30 billion and it made up 76 percent of overall exports. Textiles, apparel, crude oil and leather footwear were chief revenue generators.
For this year, it is expected that 16.1 million tons of crude oil will be exported while textile and garment exports could bring in $7 billion. But leather shoe sector will have lesser exports on account of heavy anti-dumping duties, with estimated profit of $4 billion.
Industrial sector must follow the free trade oriented WTO's stringent regulations. Hence WTO membership could pose great challenges to it.
Country has to slash tariffs on 9,465 types of industrial products from the current 25 percent to 12.6 percent within 2014. Further, quotas, subsidies and other non-tariff barriers have to be cancelled.
Industrial sector grew 17 percent last year, with net export turnover exceeding $30 billion and it made up 76 percent of overall exports. Textiles, apparel, crude oil and leather footwear were chief revenue generators.
For this year, it is expected that 16.1 million tons of crude oil will be exported while textile and garment exports could bring in $7 billion. But leather shoe sector will have lesser exports on account of heavy anti-dumping duties, with estimated profit of $4 billion.
Industrial sector must follow the free trade oriented WTO's stringent regulations. Hence WTO membership could pose great challenges to it.
Country has to slash tariffs on 9,465 types of industrial products from the current 25 percent to 12.6 percent within 2014. Further, quotas, subsidies and other non-tariff barriers have to be cancelled.
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