Despite unpredicted fluctuations on the world market, Viet Nam is to net 48 billion USD in export earnings this year, more than 1 billion USD higher than the set target and a rise of 20.5 percent over 2006.

According to the Ministry of Industry and Trade, garments and textiles continued to lead the key export items, excluding crude oil, bringing home 7 billion USD in the past 11 months, which represented a surge of 32 percent over the same period last year.

President of the Viet Nam Garments and Textiles Association Le Quoc An is confident that at this rate the sector will be able to achieve its export target of 7.8 billion USD by the end of this year.

Standing firmly on the second place were leather footwear and seafood, which, despite anti-dumping tariffs and strict inspections imposed by several large markets, had each raked in 3 billion USD by the end of November.

The encouraging result of footwear and seafood exports was owing to businesses’ expansion of their outlets to new markets with new products, marked experts.

This year was also marked with a leap in the export of coffee bean. The product posted an export growth rate of 73 percent, earning 1.7 billion USD over the past 11 months.

With the revenue, coffee bean secured the ninth place in the “club of 1 billion USD earners”, standing behind crude oil, textile and garment, footwear, seafood, electronics and computer parts, rubber, rice and wood products.

Pepper, cashew nuts, rubber and rice have benefited from high prices in the world market, contributing to realising the nation’s export goal.

Deputy Minister of Industry and Trade Le Danh Vinh attributed the export growth to the country’s serious implementation of its open-door commitments after joining the World Trade Organisation.

He also cited the prompt application of initiatives and policies for import-export activities, including a decree on commodities trade applicable to both local and foreign-invested businesses as a factor to boost exports.

The Ministry of Industry and Trade targets export earnings of 58 billion USD in 2008, an increase of 20.8 percent over 2007.

However, the country is struggling to reduce imports, which rose 33 percent to 54 billion USD in the past 11 months. In explaining for import hike, experts pointed to increases in foreign-invested businesses’ imports of machinery and equipment in service of their production.

Another reason is the country’s dependence on imported steel and fertilisers, the prices of which have been climbing continuously.

To curb imports, economists urged the establishment of “markets of raw materials” to ensure supply of raw materials for local producers. (VNECONOMY)