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17th International Trade Fair witnesses $100mn contracts

Apr '07
Vietnam's WTO membership has brought opportunities to penetrate the global market and increase exports.

At the 17th Vietnam International Trade Fair, a conference was organized to set up regulations and discuss challenges local products may face in the international market.

Many dignitaries were present in the forum. According to Deputy Minister of Trade, Luong Van Tu Government should take advantage of WTO membership, that it may attain an export turnover of US $100 billion with in next five years.

The Deputy Minister emphasized importance of trade promotion activities as it helped the export industry to touch $40 billion last year.

Le Dang Doanh, economic advisor at the Ministry of Planning and Investment (MPI), stressed Vietnamese exports needs to face competition from neighbouring countries like China.

At the Expo, nine economic co-operative contracts and a memorandum of understanding were signed worth $100 million which includes garment and textile products along with others.

A $40 million contract was signed between Viet Tien Garment Corporation and Prominent Eurpo Ltd & Itochu USA LLC.

Another contract worth $1.2 million was signed by Thang Long Garments Joint-Stock Company and Danish Kwintet.

The total value of contracts touched $500 million. The largest deal was inked by Vietnam and China's Yunnan Province worth more than $400 million.

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