The Ministry of Industry and Trade (MoIT) December 2 organized a seminar introducing Middle-Eastern and African markets and their business customs to local business circle with a view to boosting exports to these potential markets.
The Middle East and Africa have emerged as the potential export markets for Vietnamese farm produce, said Deputy Minister of Industry and Commerce Le Duong Quang.
In recent year, Vietnam has signed a number of bilateral agreements with countries in Middle East, including deals on trade, economic and scientific-technological cooperation and maritime transport along with political and diplomatic efforts. These lay a firm legal foundation for businesses to expand their operations in the region, said the deputy minister.
Two-way trade between Vietnam and the Middle East hit $1.19 billion last year, including Vietnam’s exports of 700 million, up 17.2 per cent on-year. The figure is expected to increase by 30 per cent this year, said the MoIT.
Vietnam mainly exports rice, coffee, clothing, computers and electronic components, footwear, seafood and wooden furniture to the region and imports petroleum, petrochemical products, fertilizers and steel from Middle-Eastern markets.
Meanwhile, the Southeast Asian country has established diplomatic ties with 48 out of 54 African countries and signed bilateral trade agreements with 15 countries, including 13 agreements with most-favored nation (MFN) clause.
In 2007, bilateral trade between Vietnam African countries increased to over $1 billion, up from $15.5 million in 1991. Of the sum, Vietnam reaped $684 million from goods shipments to Africa, up 12 per cent on-year. In the first eight months of this year, the country recorded $922 million in export revenues and posted $692 million in imports from African nations.
Vietnam is now expanding cooperation in the oil and gas sectors with several African countries, such as Algeria and Nigeria. (Vietnam Economic Times, VNA)
Vietnamese
