Vietnam: Hanoi raises exports target by 5% to $68bn

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18 January 2010

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Municipal planners have set ambitious export targets for Ha Noi, Vietnam, to major markets: the United States, Japan, China, the European Union, Africa and West Asia in an attempt to boost export turnover in 2010, VNBusinessNews.com reported.

The new targets aim for $6.68 billion of exports by the end of the year, up 5 percent from 2009, according to the municipal Department of Industry and Trade.

Export of textiles, garments, shoes and handicrafts to the US and the EU were identified as potential drivers of increased export turnover.

Trade between Vietnam and these markets was expected to boom with the conclusion of the fifth round of trade negotiations between Vietnam and the EU, the department added.

Regarding the Japanese market, Ha Noi was taking full advantage of the Vietnam-Japan Economic Partnership Agreement to increase exports of textiles, garments, seafood and agricultural products.

Exports of machinery, clothing, wooden furniture, shoe and coal to New Zealand have been prioritised by the department along with exports of textiles and garments, computers and wooden furniture to Australia.

The Asean-Australia-New Zealand Free Trade Area has removed at least 90 taxes and offered various incentives for exporters to these markets.

Ha Noi saw a decrease in imports and exports in 2009 compared with 2008. Export turnover decreased by 7.8 percent, with marked declines in commodities such as rice (40 percent), handicrafts (15 percent) and coal (21.5 percent).

Imports also decreased by 17.4 percent on 2008. Steel, chemicals, oil and petrol imports were the most heavily hit with average decreases of 30-40 percent.

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