Opportunities to boost exports in Middle East

A workshop was held in Can Tho city to introduce business opportunities in the Mekong Delta region to increase exports to Saudi Arabia and the greater Middle East.

The event was held by the Vietnam Chamber of Commerce and Industry (VCCI) branch in Can Tho city.

Participants were provided with updated information on the Saudia Ariabian market and the market of the rest of the Middle East, detailing areas such as foreign trade policy, trade barriers, import-export activities, investment climate, political-trade relations and other important issues to help local businesses penetrate the promising markets.

Many delegates showed their interest in Saudi Arabia and the Middle East as they are offering incentive policies on trade liberalization and non-tariff barriers. These markets are seen as good venues for Vietnamese businesses to promote cooperation in labour exports, oil and gas exploration, science-technology, and tourism.

However, they also raised concerns about a number of difficulties in entering the markets, namely political instability, religious differences, trade barriers, and payment risks.

According to Ly Quoc Hung, Head of the Department for Africa, West Asia and South Asia under the Ministry of Industry and Trade, two-way trade turnover between Vietnam and the UAE reached US$745.5 million in 2010, including US$144 million from Vietnamese exports. The figure is expected to hit US$1.1 billion by the end of this year.

Meanwhile, Vietnam’s trade with the Middle East fetched US$3.31 billion in 2010, representing a year-on-year increase of 53 percent, including US$1.65 billion earned from exports. The bilateral trade figure this year is predicted to amount to US$5 billion, with US$2.4 billion from Vietnamese exports.

Currently, Vietnam exports garment and textiles, footwear, computers, electronic spare parts, handicrafts, and agro-forestry and fishery products to these markets. – VOV

Tags: Vietnam exports, Vietnam exports 2011, Vietnam trade

Posted by VBN on Dec 12 2011. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry