March 27, 2007

Seafood to EU to augment Vietnam's export revenues in 2007

Seafood is seen to be Vietnam's key export item in the European Union market with a projected increase of 22 percent or US$8.3 billion in earnings this year.

The Trade Ministry told the Vietnam News Agency that it has projected seafood would contribute US$1.5 billion to the export value from the EU to mark a 49 percent rise year on year.

In its latest market research, the ministry augurs a bright prospect for Vietnam on its exports after it has joined the World Trade Organization (WTO) as a number of trade barriers have already been removed.

It also predicts high export values from textiles and garments, natural rubber, wooden furniture, coffee, art handicrafts, electronics, computers and plastic products.

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 product's better trade.

The country's bilateral 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 percent of the total export turnover, of which seafood earned US$730.8 million; textiles and garments brought home US$1.2 billion; and footwear, US$1.9 billion.