Vietnam will continue to project seafood as its key export item to the European Union market. The country expects a 22 per cent increase in EU export earnings to US$8.3 billion this year.
The Trade Ministry forecasts that seafood will contribute US$1.5 billion to the export value from the EU, marking a 49 per cent rise year on year.
In its latest market research, the Trade Ministry mentions bright prospects for Vietnam to perk up exports to this market after joining the World Trade Organization (WTO) as a number of obstacles are now removed.
It also predicts high export values from textiles and garments, natural rubber, wooden furniture, coffee, art handicrafts, electronics, computers and plastic products.
Among those, textile and garment product earnings are likely to post high growth, however, greater efforts must be made by apparel exporters to maintain the 37 per cent growth rate recorded in 2006.
The ministry repeats warnings that Vietnam was exempted from the quota mechanism for textiles and garments levied by 149 WTO member countries from January 11, 2007, which required local makers to make changes to both short-term business plans and long-term strategies.
In a new development, the EU on March 6 removed its anti-dumping measures on zinc oxide it imported from Vietnam, paving the way for the trade of this product to flourish.
Vietnam’s two-way trade with the EU surged from US$3.6 billion in 1999 to US$9.9 billion in 2006.
In 2006, the country’s export earnings from the market stood at US$6.9 billion, or 17.4 per cent of total export turnover, of which seafood earned US$730.8 million; textiles and garments brought home USUS$1.2 billion; footwear, USUS$1.9 billion. (VNA)
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