The country will meet its key five-and ten-year export targets, according to the Ministry of Industry and Trade.

Under the ten-year strategy, the country’s export growth rate target should be 3.8 times higher in 2010 than in 2000. Meanwhile, last year’s growth was 4.3 times higher than in 2000, with the country reaching its goal two year’s early, the ministry said.

The Government is also confident it will meet its five-year target from 2006 to 2010. Under the plan, export turnover in 2010 must be 2.1 times higher than in 2005. Meanwhile, by 2008, it was already 1.93 times higher than that in 2005.

As for the export turnover per capita set in the 2006-10 plan, the ministry said it expected the country to meet its target by 2008, with export turnover per capita reaching 727.8 against the 770-780 USD target for the five-year period.
A growth rate of 8.81 percent was forecast for the 2009-10 period, with export turnover per capita estimated to be 773 USD, the ministry said.
However, the ministry said the country would fail to meet its service sector growth target for tourism and transport.
The country targeted an export turnover of 8 billion USD for service sectors by 2010 and roughly 34-35 billion USD for the 2006-10 period. Meanwhile, it gained a total export of 18.6 billion USD in the three years from 2006 to 2008.

The industry had predicted export turnover to reach 15.34-16.34 billion USD in 2009 and 2010, but that had been derailed by the economic slowdown, the ministry said.

The General Statistics Office reported that the country in the first five months of this year earned just 2.7 million USD from service sector exports, down 25.7 percent over the same period last year.

Meanwhile, the ministry anticipated no significant growth in service sector exports in the second half of this year and next year.

Despite predictions that he country will meet its key export targets, trade experts are still concerned about the quality of Vietnam ’s exports. They said the value of exported staples remained low because the country mainly exported unprocessed goods and acted only a as s sub-contractor for foreign producers.
An industry insider also warned that the country’s high export growth last year and in the first half of this year was due to the re-eport of steel and gold. It is estimated that last year’s export growth would be only 25 percent against more than reported 29 percent thanks to an export turnover of 2 billion USD gained from the re-export of steel. The decrease of 18.6 percent would also be seen in the first half of this year instead of 10.1 percent as reported if there was no 2.5 billion USD from gold re-exports.

The ministry is also concerned about the country’s failure to meet import targets for 2006-10. While an import growth rate of 14.7 percent was set for 2006-10, the figure for 2006-08 was 30 percent./.