The Ministry of Trade has set targets for the export sector in the year 2006 to achieve the goal of a GDP growth rate of 8% and an export growth rate of 16.4%.
The Ministry of Trade will support key items with the largest export turnovers and high growth rates as well as those with favourable export markets and good production capacity. These items include wood furniture, electronics, computers, plastics, electric wire and cable, coal, fruit and vegetables, and handicrafts.
The Ministry continues to emphasize the big markets representing large shares of Vietnam’s export turnover like the US, Japan, China, Australia, Singapore, Germany, England, and Taiwan. In addition, it encourages exports to markets with which Vietnam has a large trade deficit such as Thailand, Malaysia, South Korea, Hong Kong, Russia, Switzerland, Ukraine, and Indonesia.
Vietnam’s export market will be expanded to regions with small shares like India, Africa, Canada, France, Italy, Spain, Bangladesh, Latin America, Turkey, Iran, Pakistan, and Western Europe.
The Ministry of Trade will encourage development of new export products so as to diversify the country’s export structure in an effort to avoid possible risks caused by too much dependence on a handful of export items.
The Ministry will focus on good management of products with large export earnings like crude oil, textile and garment, footwear, seafood, and rice. In the past years, these products played a decisive role in steady growth in the country’s export turnover despite difficulties in the world market like changes in exchange rates or restrictive measures by trade partners.
Communist Party of Vietnam - (04/01/2006)