The Ministry of Industry and Trade (MoIT)’s Trade Promotion Department will Feb 27 organize a conference in southern Binh Duong province, aiming to boost exports to the Middle East and Africa to help local exporters curb declining exports to traditional markets amid tough time of the global economic downturn.
This is among activities to facilitate local businesses to accelerate exports in 2009, said the department.
At the meeting, experts will introduce necessary information relating to these markets and business opportunities to local exporters.
Vietnam is estimated to continue facing decreasing exports or slight export growth to its traditional markets of the U.S, the EU, ASEAN, Japan and Australia due to the global economic downturn, therefore, enhancing exports to new markets like the Middle East and Africa are very essential, remarked the department.
The MoIT has set a target to establish five more trade offices in the Middle East and Africa in 2009 in order to boost local exports and penetrate into these new markets.
In 2008, the Government of Vietnam chose the Middle East as the new key market for trade promotion activities. In 2009, the MoIT has decided that Africa will be the new market worth of much attention, no matter if the Government chooses Africa as the key market or not, Nguyen Cong Hien, Deputy Director of the Department of Trade Policies for Africa and West-South Asia under the MoIT.
In 2007, two-way trade between Vietnam and the Middle East hit US$1.19 billion, including Vietnam’s exports of 700 million, up 17.2 per cent on-year. Meanwhile, bilateral trade between Vietnam African countries increased to over US$1 billion during the year, up from US$15.5 million in 1991.
Recently, the MoIT has issued an action agenda with aims to expand bilateral trade with the Middle East to US$3.1 billion in 2010 and to US$9.6 billion in 2015. (Vietnam Economic Times, VNA)
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