Experts expect that 2007, the first year Viet Nam enjoys the World Trade Organisation (WTO) membership, would open opportunities for its industry with export revenues estimated at 35.5 billion US$, or 17% over 2006.The Industrial Ministry reported that major hard currency earners remain to be crude oil, garments, textile and leather shoes.
Crude oil export sector is likely to reach 16.1 million tonnes while the garment and textiles sector expects to earn 7 billion US$ in exports.
Facing high dumping tariffs, the leather shoe industry is forecast to have a lower export growth rate with revenues estimated at 4 billion US$.
Leading in exports will be electronics and computer parts industries with growth rates estimated at 35.6%, wood products, 31.3% and plastics, 21.3%.
Economists said the WTO membership will bring in bigger challenges to the industrial sector as it will have to abide by the free trade-oriented body's strict rules, especially on goods and services trading and intellectual property. Under its commitments to the WTO, Viet Nam has to halve tariffs from 25% to 12.6% on 9,465 categories of industrial goods in the next five or seven years. In addition, non-tariff barriers, such as quotas, subsidies and customs procedures, will also be removed.
Industry Minister Hoang Trung Hai unveiled a plan to speed up the process towards a market economy, thus establishing a legal foundation for the ministry to fulfil the nation's commitments to the international community. Efforts will be made to lure influxes of foreign investment into those key industries which have great potential for exports such as electronic and computers, plastic products and food processing, said the minister.
He also said top priority will be given to highly competitive products including garments, textiles and footwear. Trade promotion campaigns will be intensified to boost shares in traditional markets such as the European Union and the United States and explore new markets in Africa, South America and the Middle-East, Hai confirmed.
He also pledged to push up administrative reforms in the export-relevant processes, especially customs procedures, the taxation and fee-collecting systems, in an effort to reduce product costs and improve exports' competitive edges.
The minister also called on businesses to take immediate steps to reduce production costs, conduct market surveys to meet market demand and intensify investment in science and technology for the export-oriented food processing industry.
The industry sector recorded a growth rate of 17% in 2006 with total export revenues reaching over 30 billion US$, accounting for 76% of the national export value. Industries have set up records in foreign direct investment over the past years, drawing 490 projects with a combined investment of over 5 billion US$.
Source: VNA
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