ID :
43786
Mon, 02/02/2009 - 22:16
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Shortlink :
http://m.oananews.org//node/43786
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Ministry targets export of processed goods
Hanoi (VNA) - The nation's exports will see a significant shift this year, with
processed goods such as garments and footwear likely to make up a greater share of
total exports and the share of oil and minerals, agricultural products and seafood
to fall proportionally, according to Minister of Industry and Trade Vu Huy Hoang.
To meet the Government's export growth target of 13 percent this year, the ministry
had set a target of 52 billion USD from exports of processed goods, an increase of
38 percent over 2008 and accounting for around 70 percent of total export value,
Hoang said.
Garment and footwear exports were expected to earn the most, with targeted turnover
of 11.5 billion USD and 5.1 billion USD, respectively, he added. Electronics would
follow at 4.1 billion USD, with wood products at 3 billion USD.
The ministry has set particularly ambitious targets for exporters of electrical wire
and cable, expected to export 40 percent more than last year, and plastics, expected
to increase by 34 percent. But sectors have a goal to enter the 1 billion USD club
this year, with export totals meeting or exceeding that figure.
To meet the targets, Hoang said, the ministry would soon submit to the Government a
proposal for export insurance aimed to limit the risks of exporters.
The ministry would also ask the Government and other ministries to increase trade
promotion efforts, seek new export markets and reform administrative procedures to
support exporters.
Hoang said the ministry would also work closely with the Ministry of Finance on
reducing import taxes on raw materials needed by processing industries.
Meanwhile, Hoang said the minerals sector would be among those facing significant
challenges maintaining their export growth rates this year due to an expected sharp
decline in crude oil and coal exports.
The ministry has forecast that roughly 12 million tonnes of crude oil would be
exported this year at a price of roughly 50 USD per barrel, down 13.7 percent in
volume and 55.9 percent in value from 2008.
Total crude oil and coal exports were predicted to reach 5.97 billion USD in 2009,
50 percent less than last year and equivalent to just 8.3 percent of the nation's
total export value, Hoang said.
Agricultural, forestry and seafood sectors were also likely to see falling export
value in 2009 due to declining global prices for these products. The ministry
estimates an export total of 12 billion USD from these products, down 4.8 percent
from 2008.
Rice exports were forecast to fall to 1.95 billion USD, a decline of 32.8 percent,
despite shipments totalling 4.8 million tonnes, an increase in volume of 1.7 percent
over last year.
Coffee exports were anticipated to decrease about 4.5 percent in value, fetching the
country 2.1 billion USD, despite an increase of 9.6 percent in volume.
Seafood exports, predicted to maintain a growth rate of 11.8 percent over last year,
will face greater challenges due to stricter technical barriers set by importing
countries.-Enditem
processed goods such as garments and footwear likely to make up a greater share of
total exports and the share of oil and minerals, agricultural products and seafood
to fall proportionally, according to Minister of Industry and Trade Vu Huy Hoang.
To meet the Government's export growth target of 13 percent this year, the ministry
had set a target of 52 billion USD from exports of processed goods, an increase of
38 percent over 2008 and accounting for around 70 percent of total export value,
Hoang said.
Garment and footwear exports were expected to earn the most, with targeted turnover
of 11.5 billion USD and 5.1 billion USD, respectively, he added. Electronics would
follow at 4.1 billion USD, with wood products at 3 billion USD.
The ministry has set particularly ambitious targets for exporters of electrical wire
and cable, expected to export 40 percent more than last year, and plastics, expected
to increase by 34 percent. But sectors have a goal to enter the 1 billion USD club
this year, with export totals meeting or exceeding that figure.
To meet the targets, Hoang said, the ministry would soon submit to the Government a
proposal for export insurance aimed to limit the risks of exporters.
The ministry would also ask the Government and other ministries to increase trade
promotion efforts, seek new export markets and reform administrative procedures to
support exporters.
Hoang said the ministry would also work closely with the Ministry of Finance on
reducing import taxes on raw materials needed by processing industries.
Meanwhile, Hoang said the minerals sector would be among those facing significant
challenges maintaining their export growth rates this year due to an expected sharp
decline in crude oil and coal exports.
The ministry has forecast that roughly 12 million tonnes of crude oil would be
exported this year at a price of roughly 50 USD per barrel, down 13.7 percent in
volume and 55.9 percent in value from 2008.
Total crude oil and coal exports were predicted to reach 5.97 billion USD in 2009,
50 percent less than last year and equivalent to just 8.3 percent of the nation's
total export value, Hoang said.
Agricultural, forestry and seafood sectors were also likely to see falling export
value in 2009 due to declining global prices for these products. The ministry
estimates an export total of 12 billion USD from these products, down 4.8 percent
from 2008.
Rice exports were forecast to fall to 1.95 billion USD, a decline of 32.8 percent,
despite shipments totalling 4.8 million tonnes, an increase in volume of 1.7 percent
over last year.
Coffee exports were anticipated to decrease about 4.5 percent in value, fetching the
country 2.1 billion USD, despite an increase of 9.6 percent in volume.
Seafood exports, predicted to maintain a growth rate of 11.8 percent over last year,
will face greater challenges due to stricter technical barriers set by importing
countries.-Enditem
