The fast-growing economy of Vietnam is expected to earn up to US$100 billion from goods exports by 2010, if the country takes full advantage of opportunities afforded by and overcomes challenges emerging with recent WTO membership.
Deputy Trade Minister Luong Van Tu made the comments at the Forum on Export Promotion of Vietnam in Hanoi on April 5.
Vietnam's WTO membership will facilitate local exporters penetrating intensively into the global market, he said. However, he noted that businesses should be aware of possible trade barriers like anti-dumping disputes and technical requirements.
The deputy minister stressed the importance of trade promotion activities, explaining they played an important role in Vietnam’s record export revenue of $39.6 billion last year.
The MoT will intensify assistance for local exporters to avoid possible trade barriers and disputes and ensure sustainable export growth.
According to Dr. Le Dang Doanh, economic adviser of the Ministry of Planning and Investment (MPI), Vietnamese exports face fierce competition from neighboring countries, particularly China. Local enterprises should not consider lowering goods prices as the best way to compete, because it could lead to anti-dumping disputes and lost profits.
To boost exports, Vietnamese businesses should adopt the strategy of "cooperation and competitiveness" at the same time. The Vietnamese government and businesses should cooperate closely to build strategies for each market and to sign bilateral trade agreements to facilitate their businesses' operation, he added.
Meanwhile, Head of the Legal Department under the Vietnam Chamber of Commerce and Industry (VCCI) said the State’s export supervision and mechanism, which is “open”, and “flexible,” will play a positive role in helping the trade sector cope with challenges like trade barriers and disputes.
In the first quarter this year, Vietnam fetched $10.48 billion from exports, up 17.9 per cent on-year and imported $11.79 billion worth of goods, up 33.6 per cent.
This year, Vietnam is forecast to bag $47.5 billion in exports, up 20 per cent on-year, and to spend $52.2 billion on goods imports, up 17.5 per cent. (VNS, GSO Mar 2007)
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