Vietnam eyes Middle East, African markets
HCM City (VNA) – The Middle East and African regions have the potential to develop economic, trade and industrial cooperation with Vietnam , a Trade and Industry Ministry official said.
At a seminar on trade and relations with the Middle East and Africa on July 31, Deputy Director of the African-West Asian-South Asian Market Department, Nguyen Cong Hien, also said Vietnam had fine diplomatic relations and signed many bilateral agreements and protocols with countries in the regions.
Last year, two-way trade turnover between Vietnam and the Middle East hit 1.19 billion USD, while trade with African countries increased to more than 1 billion USD, up from 15.5 million USD in 1991.
Vietnam ’s exports to the two regions also increased, with 700 million USD in exports to Middle Eastern countries last year, an annual rise of 17.2 percent. In the same period, Vietnam earned 684 million USD from exports to Africa , an increase of 12 percent over 2006.
Business delegates at the seminar said they faced ongoing problems such as lack of information about the Vietnamese market and partners and about countries in the Middle East and Africa .
In addition, Vietnamese businesses still hesitate doing business in the regions due to perceptions about risks of security and politics.
The Vietnamese government has declared 2008 to be a year of boosting cooperation with the Middle East and it says it has also guided ministries and sectors to boost cooperation with African countries in many fields.
The Trade and Industry Ministry also plans to send a trade mission to Arab Saudi in early December.
Vietnam had set up diplomatic ties with 48 of 54 African countries and signed bilateral trade agreements with 15 countries, including 13 agreements with most-favoured nation (MFN) clause.
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