Thursday, December 18, 2008

Vietnam eyes 3.1 billion USD in trade with Middle East in 2010

HANOI, Dec. 17 – The Ministry of Industry and Trade (MoIT) has issued an action plan targeting to increase the country’s two-way trade with the Middle East region to 3.1 billion USD by 2010 and to 9.6 billion USD by 2015.

The MoIT has formulated a host of specific plans, including boosting the export of farm products, food and fine art articles to the Middle East markets, which are expected to rake in export earnings of 2.3 billion USD by 2010 and 7.5 billion USD by 2015.

According to the MoIT, the past two years have seen a considerable growth in trade between Vietnam and the Middle East as some Middle East countries are shifting their trade and business activities to oriental countries, including Vietnam .

The United Arab Emirates and Turkey are currently the leading importers of Vietnamese goods in the region while the markets in Israel and Saudi Arabia have also opened up to Vietnam ’s products.

The MoIT reported that last year the two-way trade between Vietnam and the Middle East reached around 1.2 billion USD, 700 million USD of which was Vietnam’s exports. The figure excluded the value of goods Vietnam exported to the region via a third country.

Vietnam’s major export lines to the Middle East include rice, coffee, textile and apparels, computers, electronic components, footwear, seafood, and wood furniture while it imports mainly oil and gas, petrochemical products, fertilizers and iron and steel from the oil-rich region. (PNA/VNA)