Vietnam sees increased exports to new markets

Vietnam's exports to new markets including Africa, Latin America and the Caribbean, enjoyed high growth rates in the January-September period, according to the Ministry of Industry and Trade.

During the nine-month period, Vietnam's exports to African countries increased by over 50% compared to the same period last year. Exports to North Africa in particular were up by over 60%.

Illustration photo (Photo: Thai Thien)

The primary goods exported to Africa include computers, electronic products and components, telephones, transport vehicles and spare parts, machinery, footwear, textiles and construction materials. Other exports including seafood, coffee and pepper also saw high growth rates.

In the meantime, Vietnam's export revenue to Latin American and Caribbean countries reached US$25.22 billion in the last nine months−an increase of 25% from the same period in 2013.

Most notably, export revenues to Chile were recorded at US$354 million−up 132.9% over the same period last year−thanks to positive impacts from the free trade agreement signed between the two countries in effect as of January 2014.

Though export revenues to new markets make up a relatively small percentage of Vietnam’s total export revenue, positive growth rates indicate that Vietnam's goal of diversifying export markets is moving in the right direction.

(Source: nhandan.org.vn)