Vietnam Jan-August Services Export Up 19.7 per cent

Vietnam was estimated to earn US$3.95 billion from services export in the first eight months this year, representing an on-year increase of 19.7 per cent, local media reported.

 

In August, services export valued at US$530 million. Meanwhile, the country also spent US$4.35 billion on services import during the eight-month period, up 13.1 per cent on-year, including US$575 million in August.

 

These figures resulted in respective service deficits of US$45 million and US$400 million in August and January-August. In 2006, the country earned US$5.1 billion from services export, up 19.6 per cent on-year, said the Ministry of Industry and Trade (MoIT).

 

Vietnam is trying to raise its services export value to US$12 billion in 2010, according to a 2006-2010 export development plan approved by the Government.

 

Under the plan, the nation aims to achieve an annual growth rate of 16.5 per cent for service exports during the period. The expected yearly increases of insurance, telecom, finance and sea transport will be 29.3 per cent, 24.5 per cent, 22.4 per cent and 21.5 per cent, respectively. (Industrial Executives’ Briefing Issue)