Trade this year has been very fruitful for Vietnam who has procured a total of US $48 billion from its export revenue. The income is nearly $1 billion higher than the set target and there has been a rise of about 20.5 percent compared to the previous year.
Once again, exports of garment and textile products have topped the chart earning nearly $7 billion in the first 11 months of 2007 marking a heave of 32 percent over the same period in 2006.
As a result, officials from the Vietnam Textile and Garment Association (VITAS) are positive about the industry being able to meet its target of $7.8 billion by the end of this year.
Despite anti-dumping tariffs and investigations levied by several large countries, export of leather goods secured a good $3 billion by the end of November this year.
Experts believe that the growth in exports is largely because Vietnam religiously implemented the open-door commitments after joining the World Trade Organization.
A target of $58 billion has already been set for the year 2008 by the Ministry of Industry and Trade. This target projects an increase of 20.8 percent compared to the present achievements of 2007.
Conversely, Vietnam is also facing the difficulty of bringing down its import rate which stood at $54 billion marking a 33 percent rise in the first 11 months of 2007. Increased foreign enterprises' imports of machinery and equipments have been the major reason behind the scaling imports.
The only way out to restrict imports is to set up markets of raw materials to feed the local manufacturers who would otherwise seek supply from foreign countries.
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