Vietnam predicts a boost to Africa, South and West Asia markets in 2012

CA - The number of Vietnamese businesses showing interest in Africa, South and West Asia markets has been increasing year-by-year, director of Africa-West-South Asia Markets Department Ly Quoc Hung said.

Many of Viet Nam's exports such as seafood, coffee, pepper, textiles and garments have been performing well in these markets, a trend reflected in the expanding export volume reported by the Ministry of Industry and Trade (MoIT).

The structure of Viet Nam's exports to African, West and South Asian markets has shifted to include more industrial and manufactured products, including mobile phones, computers and electronics. This development is considered an important precondition for Vietnam to obtain stable export growth in these markets this year and in following years.

Experts predicted that Viet Nam's exports to Africa, West and South Asia would increase after Viet Nam approved the National Import, Export Strategy for the period 2011-2020 late last year, and implemented programmes on promoting exports to Africa and strengthening trade ties with the Middle East by 2015.

The National Import, Export Strategy proposed some solutions for promoting production, accelerating economic restructuring, boosting market development, increasing investment, controlling imports and enhancing the competitiveness of businesses.

In 2011, Viet Nam's export value to Africa was estimated at S$3.5 billion, up nearly 200 percent compared with 2010, and was paired with US$1.4 billion worth of imports from Africa, up 80 percent. Viet Nam exported US$2.1 billion worth of products to South Asia, up more than 46 percent, and US$2.44 billion worth of imports from South Asia, up 27 percent.