Vietnam's Export Forecast at Nearly US$ 7Bln in First Quarter

3:26:31 PM | 7/8/2005

Vietnam is expected to reach a total export value of around US$ 6.9 billion in the first quarter of this year, representing an on-year increase of 15 per cent. Foreign-invested firms will retain the position as the largest exporters with combined revenues of US$ 3.52 billion, while local firms will contribute US$ 3.38 billion.

Vietnam's largest export market in the period will be Asia-Pacific with the total earnings of US$ 3.7 billion. The American market will rank second with a bill of US$ 1.6 billion, including US$ 1.4 billion paid by the US alone. The Europe will come next with US$ 1.45 billion, including US$ 1.29 billion paid by EU nations. Africa and South-western Asia, meanwhile, will spend only US$ 150 million on Vietnam's goods.

The price of crude oil in the short-term will remain at high levels. Therefore, Vietnam's crude export will continue to reach considerable growth in the first three months of this year.

Increasing demand for imported rice of some Asian, Middle East and African countries is expected to keep world rice price at high levels in the coming time. The Food & Agriculture Organisation will continue to buy rice to provide for tsunami-hit countries. Besides, the bad weather in some countries is negatively affecting foodstuff productivity. According to the Ministry of Trade, in the coming time, Vietnam will apply a suitable plan for exporting rice.

Vietnam currently lists garments and textiles, footwear, woodwork, rice, seafood, coffee, rubber, pepper, and cashew nuts as its export staples. Prices of coffee, rubber and cashew are also on the rise. Local enterprises have recently become familiar with future markets.

Vietnam has seen slower growth in the export of some products including garments and textiles, signalling that it is difficult for Vietnam to reach the target of exporting US$ 5.2 billion worth of garments and textile products this year.

Meanwhile, the country's import spending is predicted to surge 20 per cent on-year to US$ 7.6 billion between January and March this year, of which local firms paid US$ 4.94 billion and foreign-invested enterprises US$ 2.66 billion.