Market diversification offers export solutions
In a bid to diversify its traditional markets, Vietnam has signed trade agreements with several Middle Eastern countries in order to create opportunities for the export of Vietnamese goods into the region, which is home to some 250 million people.
The Middle East is a potential new market for Vietnam as the country is facing a number of difficulties in exporting to the US and Europe due to their relatively low consumption capacity.
Vietnam has recently opened a trading centre in Dubai , which is one of nine centres established in key markets by the Ministries of Industry and Trade and Planning and Investment to promote trade activities.
Along with commercial affairs agencies from 55 other countries and territories, Vietnamese ministries and departments are implementing a project to develop the country’s strategic partnership relations with Laos , Cambodia and Russia , as well as encouraging and helping local businesses to invest in African countries.
The country is actively establishing bilateral trade agreements with a number of business partners, for example, it has signed a Vietnam-Japan partnership cooperation agreement and held talks with Canada regarding their bilateral trade agreement.
In addition to this, a Vietnam-Europe development project, a framework agreement regarding Vietnam-US trade and investment and a five-year plan governing Vietnam and China ’s commercial and economic development are also being implemented.
The Import-Export Department of the Ministry of Industry and Trade has predicted that the nature of Vietnamese exports into foreign markets will experience changes during 2009.
Accordingly, export density within the Asian market will reduce from 42.5 percent in 2008 to 42.4 percent next year, from 4.9 percent to 4.8 percent in the African market, whilst the American market will experience a slight increase, from 24.5 percent to 24.9 percent.
The country’s total export turnover reached over 58.5 billion USD during the last 11 months, a year-on-year increase of 34 percent, reported the General Statistics Office.
