Exports in 2009 and 2010
The key export markets of Vietnam in 2009 and 2010 are expected to be Asia, Europe, North America and Oceania. The most important export markets will be ASEAN (Association of South East Asian Nations) countries, Japan, China, the EU and the US. Vietnam will also be promoting trade with traditional and new markets such as Russia, the Middle East, Latin America and Africa.
The Vietnam Trade Promotion Agency (Vietrade) of the Ministry of Industry and Trade said that Asia, Europe, North America and Oceania are Vietnam’s key traditional export markets and in the future there will be many opportunities for Vietnam to increase exports to these markets.
In 2008 Vietnam exported US$11 billion worth of products to ASEAN countries, 41 percent more than in 2007. In 2009 and 2010, Vietnam’s key exports to the ASEAN market will include rice, coffee, seafood, textiles, garments and electronic components, and export revenue is projected to be US$24.5 billion.
Japan is a good export market for Vietnamese products such as crude oil, minerals, textiles, garments, and seafood. In 2008 Vietnam exported to Japan US$8.5 billion worth of products, up 49 percent since 2007. The Ministry of Industry and Trade says that in 2009 Vietnam will be able to increase exports to Japan because of the Vietnam-Japan Comprehensive Economic Partnership Agreement that was signed on December 25, 2008. Vietnam’s key exports to Japan in 2009 and 2010 will surely include textiles, garments, footwear, seafood, mechanical products and wood products. It’s been predicted that export revenue will reach US$18.3 billion.
China shares a border with Vietnam and it is an important export market. However, since 2003, Vietnam has been importing more from China than it has exported to China, the trade deficit increasing from an average of US$2 billion in earlier years to US$9.1 billion in 2007, and now it’s even higher still. Perhaps this is because Vietnam has not made use of the fact that it borders China, and it has not improved the diplomatic relationship between Vietnam and China. In 2008, the situation did improve slightly but Vietnam exported to China only US$4.6 billion worth of goods. The Ministry of Industry and Trade would like to see exports to China in 2010 climb to US$6 billion.
In 2008, Vietnam exported US$10 billion worth of products to the EU, up 17.6 percent compared with 2007. The Ministry of Industry and Trade is predicting that in 2009 and 2010 taken together, Vietnam’s exports to the EU market will reach US$22.7 billion with the key export products being textiles, garments, footwear, seafood, coffee and wood products.
The US is Vietnam’s largest export market. In 2008, Vietnam’s exports to the US totaled US$12 billion, an increase of 17.3 percent compared with 2007. However, because of the global economic crisis, Vietnam’s exports to the US in 2009 may increase only 5.8 percent to about US$12.7 billion. Hopefully in 2010 they will rise 11.8 percent to US$14.2 billion. So, if one combines 2009 and 2010, the Ministry of Industry and Trade predicts that Vietnam’s exports to the US will be US$26.9 billion. Vietnam’s key export products to the US in 2009 and 2010 will likely be textiles, garments, footwear, wood products, seafood, coffee and some kinds of leather products.
