Vietnam Expects US$10.4 Bln Exports to EU in 2008
Vietnam expects to export US$10.4 billion worth commodities to the European Union (EU) this year, an on-year rise of 23.5 per cent this year, the Ministry of Industry and Trade said.
To gain the goal, the country plans to expand its exports to the EU new markets such as Lithuania, Czech, Hungary, Poland, and Estonia with key cash earners of apparel, footwear, seafood and woodwork.
Although local apparel traders are said to face tougher competition from Chinese rivals as the EU will lift its quotas on Chinese garments and textiles this year, the industry is still expected to bring about US$1.6 billion in export revenues, up 13.8 per cent on year.
The footwear revenues is projected to hit US$2.7 billion in 2008, up 26 per cent on year. Last year, the EU imported US$2.1 billion worth of footwear, becoming Vietnam's second biggest importers of the commodity, after the U.S.
Exports of seafood and woodwork are also considered to be fully potential to boom this year due to the EU market is now thirsty for these products.
Vietnam plans to raise export revenues of seafood products to US$1.2 billion this year from US$920 million last year and woodwork products to US$780 million from US$600 million.
Apart from key export commodities, local firms are urged to boost the export of other commodities like machineries, electronics and computers spares and plastic products to the vast market. (Vietnam Economic Times)
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