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Latin America offers export market

Hanoi (VNA) – The Latin American market represents untapped potential for Vietnamese exporters, said experts from the Ministry of Industry and Trade.

Vietnam’s exports to Latin America this year were expected to reach 750 million USD, said an official from the ministry’s Latin American Section.

In order to more fully exploit this market, she said, it would be necessary to help Vietnamese enterprises study demand and increase trade promotion efforts.

In addition to existing major markets in Argentina , Brazil and Cuba, domestic firms should target to increase exports to other regional countries, including Peru , Paraguay , Uruguay and Colombia , she said.

Products in which Vietnam has had competitive advantages and which were in demand in Latin American markets included rice, rubber, coal, garments, leather and footwear products, electronics and computer components, and handicrafts.

Wood products, pottery, coffee, and seafood, while less significant in the overall export totals, were showing some of the highest growth rates.

Facilitating Vietnamese enterprises to take part in trade fairs in Latin America was an important aspect of that effort, and preferential loan funds for exporters to these markets should be established.

Vietnam earned 650 million USD from exports to Latin American countries in 2007, up 20 percent year-on-year.

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