Vietnam ’s exports are on track to bounce back, not just only because of the government’s management policy, but also due to the efforts of various state run enterprises, said an official from the European Chamber of Commerce (EuroCham).

The Director of EuroCham’s Hanoi Office, Matthias Duehn, said at a seminar to promote exports in Hanoi on Oct. 12, that despite having faced many difficulties resulting from the global economic crisis, particularly in exports, Vietnam is likely to post a GDP growth rate of 5 percent this year.

The EuroCham official also noted that Vietnam ’s GDP growth rate is forecast to hit 6.5 percent in 2010.

Whilst suggesting the government continue to implement its stimulus packages to help domestic businesses get easier access to credits and loans, Duehn advised exporters to pay more attention to market demands, customer services, product quality and knowledge of trade polices and financial tools.

The Vice Chairman of the Indian Business Chamber in Vietnam , Navendu Kumar, said that Vietnam is an ideal business destination and is attracting an increasing number of Indian investors.

Kumar called on Vietnamese companies to open representative offices in India to fully exploit its market which is growing at a rapid pace.

Head of the economic affairs department at the Romanian Embassy in Hanoi , Razvan Otel, proposed that businesses from both countries step up cooperation in the fields where Romania boasts experiences such as industry, energy and gas.

Despite the impacts of the global economic crisis, two-way trade surged by 80 percent last year to reach 79 million USD. The growth rate for the first seven months of 2009 was 35 percent, reported Otel.

To boost exports, representatives from the Ministry of Industry and Trade emphasised on the need to deal with technical barriers hindering the inflow of Vietnamese goods, especially for seafoods, and urge the European Union to soon lift anti-dumping tariffs against leather shoes imported from Vietnam .

Increasing trade promotion activities and facilitating export companies’ efforts to get a firm foothold in foreign markets are also essential measures.

The ministry reported that Vietnam earned 41.7 billion USD from exports in the first nine months of 2009, down 14.3 percent from the same period last year.

Of the total amount, the domestic sector contributed 25 billion USD, a year-on-year drop of 19 percent, and the remainder, 16.7 billion USD, posted by the foreign investment sector, was down 6.3 percent year-on-year./.