Vietnam’s exports to the Gulf Cooperation Council (GCC) see promisingfuture as the region is now a potential market for Vietnamese farmproduce, processed goods and equipment.
TheDepartment of African, West and South Asian Markets under the Ministryof Industry and Trade reported that two-way trade between Vietnam andthe GCC, which groups Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and theUnited Arab Emirates (UAE), saw rapid growth, rising by more than 12.4times from 392.4 million USD in 2003 to 4.87 billion USD in 2012.
Last year, Vietnam earned 2.69 billion USD from exports to the GCC, anincrease of 28.1 times from 95.6 million USD in 2003. The countryimported 269.8 million USD worth of commodities from the region in 2003,rising by 7.3 times to hit 2.18 billion USD in 2012.
Vietnamese goods are becoming more and more popular in the GCC market, the department said.
During the reviewed period, Vietnam’s export structure to the GCCextended from farm produce, consumer and processed goods to 39 commoditygroups, many of which enjoyed surges in turnover.
Vietnam’s revenue from mobile phone and component exports reached 1.7billion USD in 2012, up 331.2 percent from a year earlier and accountingfor 63.5 percent of the country’s total exports to the region. It wasfollowed by computers, seafood and pepper.
A studyconducted by the Ministry of Industry and Trade shows that the GCCmarket has a buoyant demand for goods that Vietnam has strength in, forexample textiles and garments, footwear, seafood, wood products, farmproduce (pepper, rice, tea, cashew nuts and coffee), food andfoodstuffs, construction materials, handicrafts, mobile phones,computers and electronic components.
Despite a smallpopulation of 48 million, GCC countries are developed economies withrich natural resources like oil, gas, iron, copper, gold and aluminiumores.
Per capita average income in this region is over 30,000 USD per year. Qatar takes the lead with 106,000 USD in 2012.
Therefore, the GCC is assessed as a market with strong purchasing power and good payment capacity.
In the first half of this year, Vietnam exported goods worth 176.6million USD, 15.7 million USD and nearly 2 billion USD to Saudi Arabia,Kuwait and the UAE respectively.-VNA
TheDepartment of African, West and South Asian Markets under the Ministryof Industry and Trade reported that two-way trade between Vietnam andthe GCC, which groups Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and theUnited Arab Emirates (UAE), saw rapid growth, rising by more than 12.4times from 392.4 million USD in 2003 to 4.87 billion USD in 2012.
Last year, Vietnam earned 2.69 billion USD from exports to the GCC, anincrease of 28.1 times from 95.6 million USD in 2003. The countryimported 269.8 million USD worth of commodities from the region in 2003,rising by 7.3 times to hit 2.18 billion USD in 2012.
Vietnamese goods are becoming more and more popular in the GCC market, the department said.
During the reviewed period, Vietnam’s export structure to the GCCextended from farm produce, consumer and processed goods to 39 commoditygroups, many of which enjoyed surges in turnover.
Vietnam’s revenue from mobile phone and component exports reached 1.7billion USD in 2012, up 331.2 percent from a year earlier and accountingfor 63.5 percent of the country’s total exports to the region. It wasfollowed by computers, seafood and pepper.
A studyconducted by the Ministry of Industry and Trade shows that the GCCmarket has a buoyant demand for goods that Vietnam has strength in, forexample textiles and garments, footwear, seafood, wood products, farmproduce (pepper, rice, tea, cashew nuts and coffee), food andfoodstuffs, construction materials, handicrafts, mobile phones,computers and electronic components.
Despite a smallpopulation of 48 million, GCC countries are developed economies withrich natural resources like oil, gas, iron, copper, gold and aluminiumores.
Per capita average income in this region is over 30,000 USD per year. Qatar takes the lead with 106,000 USD in 2012.
Therefore, the GCC is assessed as a market with strong purchasing power and good payment capacity.
In the first half of this year, Vietnam exported goods worth 176.6million USD, 15.7 million USD and nearly 2 billion USD to Saudi Arabia,Kuwait and the UAE respectively.-VNA
