12:32:15 PM | 7/8/2008
The Vietnamese government will focus on expanding exports to the Middle East and Africa, potential markets this year in a government effort to narrow trade deficit, the Ministry of Industry and Trade emphasized at a conference held in Ho Chi Minh City July 13.
“The Middle East, western and southern Asian countries are potential markets Vietnam has signed bilateral trade, technology and economic agreements and protocols with,” Nguyen Cong Hien, vice head of the ministry’s department for African, Western and Southern Asian Markets said.
Vietnam’s two-way trade with the Middle East region reached US$1.19 billion last year, up 21 per cent from a year ago, and from US$15.5 million in 1991. Vietnam reported robust export growth with UAE, Turkey, Israel, and Arab Saudi, the agency said.
In early Dec this year, the ministry will lead a businessmen trip to survey the Arab Saudi market, hold a business conference to seek partners.
So far, Vietnam has set up diplomatic ties with 44 African countries [out of 54 in total] and signed bilateral trade agreements with 15 including 13 pacts mentioning most favored nation status.
In the first seven months, Vietnam recorded hefty trade deficit of US$15.01 billion. (VNA)
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