Vietnam Aims to Reap US$2.8Bln from Exports to Africa by 2010

Vietnam has considered Africa as a potential export market and has planned to pull in around $2.8 billion from exports to the continent by 2010, said an official of the Ministry of Planning and Investment (MPI).

 

The country targets to obtain an annually export growth of 23.3 per cent during the period to overcome the weaknesses of local exports such as their extreme vulnerability to external factors like trade barriers, Le Van Duoc, Head of the ministry’s Planning Department told at a seminar in Ho Chi Minh City on June 7.

 

South Africa, Egypt, Morocco and Tanzania are key markets in Africa, which are interested in Vietnamese goods like seafood, furniture, mechanical and electrical products, handicrafts and farm produce.

 

However, the biggest hurdles in doing business with African markets are high cost of transport and difficulties in payment.

 

Vietnam-Africa trade reached nearly US$1 billion last year, in comparison, the trade figure between the region and China was more than US$37 billion.

 

According to the Ministry of Foreign Affairs, Vietnam currently has relations with 24 African countries.

 

During the 2006-2010 period, the country has aimed to attain a growth rate of 14.1 per cent in exports to Asia with total revenue of US$33 billion, and 15.5-19 per cent to Europe, America and Australia.
VNS