Vietnam's exports to the Middle East are likely to reach approximately US$2.4 billion by the end of the year, up 69% over last year, according to the Africa – Western Asia – Southern Asia Department under the Ministry of Industry and Trade.
The figure is estimated to reach US$5 billion in 2015, the department said.
Head of the department Ly Quoc Hung attributed the export growth to greater attention by Vietnamese firms to the potential of the Middle Eastern market. To reach this potential, firms have boosted product advertising and participated in trade fairs and business conferences to gain updated market information, determine customer demand and seek new trade partners.
A series of trade promotion activities organised by the ministry and business associations, and the effectiveness of joint-committees between Vietnam and Middle Eastern countries such as the United Arab Emirates, Turkey and Saudi Arabia had also made effective contributions to the growth, Hung added.
However, there was still untapped export potential for domestic businesses, he said, and suggested the firms deepen their understanding of business customs in the Middle East.
The department plans to organise on-line business meetings for Vietnamese firms in six Middle East countries early next year.