Last year, Viet Nam earned $2.69 billion from exports to the GCC, 28.1 times more than the $95.6 million in 2003. The country also imported $269.8 million worth of commodities from the region in 2003, 7.3 times more, to hit $2.18 billion in 2012.—File Photo

HA NOI (Biz Hub)— Viet Nam's exports to the Gulf Cooperation Council (GCC) could see a promising future as the region is a huge potential market for Vietnamese farm produce, processed goods and equipment.

The Department of African, West and South Asian Markets under the Ministry of Industry and Trade reports that two-way trade between Viet Nam and the GCC has recorded a rapid growth, rising by more than 12.4 times, from US$392.4 million in 2003 to $4.87 billion in 2012.

Last year, Viet Nam earned $2.69 billion from exports to the GCC, 28.1 times more than the $95.6 million in 2003. The country also imported $269.8 million worth of commodities from the region in 2003, 7.3 times more, to hit $2.18 billion in 2012.

Vietnamese goods are becoming increasingly popular in the GCC market, which is a grouping of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates (UAE), added the department.

During the reviewed period, the nation's exports to the GCC ranged from farm produce, consumer and processed goods to 39 different commodity groups, many of which have enjoyed a surge in turnover.

Viet Nam's revenues from its export of mobile phones and components reached $1.7 billion in 2012, up 331.2 percent from the previous year and accounting for 63.5 percent of the country's total exports to the region.

The other main exports included computers, seafood and pepper.

A study conducted by the Ministry of Industry and Trade shows that the GCC market has a buoyant demand for goods that Viet Nam is strong in, for example textiles and garments, footwear, seafood, wood products, farm produce including foodstuffs, construction materials, handicrafts, mobile phones, computers and electronic components.— VNA/VNS