Information from the MOIT showed that in the first nine months of 2014, Vietnam exported an estimated US$109.63 billion worth of products, fulfilling 75.4 percent of the yearly plan, a rise of 14.2 percent compared with the same period last year. Notably, exports to new markets such as Africa, Latin America and the Caribbean region grew at satisfactory rates despite their not very high percentage in the total export value.

Specifically, in the first nine months of 2014, Vietnamese exports to African countries increased by more than 50 percent compared with the same period last year, with exports to the North African region reaching US$466 million, up nearly 60 percent. Exports to Egypt and Algeria grew more than 50 percent.

According to the MOIT, African countries are rapidly developing and therefore have very high demand for agricultural products, textiles and garments, computers, electronic products, telephones and transport means. In the first nine months of this year, rises were found in the export value of industrial products such as computers, electronic products and components, telephones, transport means and spare parts, machinery and equipment, footwear, textiles, garments and construction materials. Increases were also found in the export value of seafood, coffee and pepper. Domestic businesses should seek opportunities to boost exports to these potential markets.

In the first nine months of 2014, exports to countries in Latin America and the Caribbean region also grew considerably, 25 percent compared with the same period last year, reaching US$25.22 billion.

Notably, exports to Chile reached US$354 million, up 132.9 percent. This growth was achieved thanks to positive effects of the Chile-Vietnam Free Trade Agreement which took effect in January 2014.

In July 2014, Vietnamese exports to Chile reached more than US$250 million, up 102 percent compared with the same period last year, and Vietnamese imports from Chile reached US$203 million, up 12 percent. With these results, Vietnam for the first time recorded a surplus in trade with Chile after a long time having a deficit in trade with this country.

Increases in exports to new markets show that Vietnam is going the right way towards diversifying its export markets. Vietnam National Textile and Garment Group (Vinatex) General Director Le Tien Truong said that in the first nine months of 2014, the group’s export value reached US$17.2 billion, up 19 percent compared with the same period last year. Along with boosting exports to large, traditional markets (exports to the US grew 15 percent, the EU over 10 percent), Vinatex has taken the initiative in seeking new export markets for Vietnamese textiles and garments, such as China, Canada, Russia and Nigeria. Vinatex’s exports to these new markets are expected to reach over US$3 billion this year.

Exports continued to make up one of the brightest points in Vietnam’s economic picture in the first nine months of 2014. In the fourth quarter of the year, businesses must promote production to fill the orders they have received and therefore the export value is expected to grow more strongly. The National Assembly has set an export value target of about US$145.5 billion for the industry and trade sector in 2014, meaning a 10 percent increase compared with last year. The MOIT predicted that the export value of the entire sector would reach about US$148 billion in 2014 if there were no big changes, up about 12 percent compared with 2013. This will surely include exports to new markets./.

By Lan Phuong - http://ven.vn