Exports to rise 10 percent in 2011: trade ministry

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Vietnam's trade sector is expecting a good year ahead amidst a recovering economy with exports set to rise 10 percent to US$78.8 billion in 2011, says Deputy Industry and Trade Minister Nguyen Thanh Bien.

Traditional markets like the US and EU are providing favorable conditions for Vietnamese goods while local exporters have found other promising markets in Asia, the Middle East, Africa and South America, Bien said in a report published on the news website of the national radio Voice of Vietnam on Friday.

He said Vietnam will ship $6 billion worth of seafood, 6.5 million tons of rice and 1.1 million tons of coffee in 2011.

He also expected electronics and mechanics exports to rise this year as the country has attracted more investment into these hi-tech sectors.

The foreign-invested sector alone will account for 48.7 percent of the country's total export revenue, or around $38 billion, up 13 percent from 2010, Bien said.

Vietnam will continue to boost exports and control import growth in order to keep the annual trade deficit at no more than 18 percent of exports, the deputy minister added.

The government will also cut back on exports of crude oil and minerals, which already saw an 8.5 percent decline in export value last year.

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