Hanoi exports to ASEAN down

Hanoi exports to ASEAN down

HANOI (Dow Jones): Vietnam's exports to ASEAN countries as a percentage of overall exports will fall next year as rice sales to Indonesia and the Philippines decline, the Vietnam Industry Times newspaper said Thursday.

It added though that export growth to other countries will increase on the back of strong oil sales to Australia and greater exports to the U.S. - assuming Hanoi signs a bilateral deal with Washington soon.

Vietnam's Prime Minister Phan Van Khai announced early Thursday the government has targeted 10.5 percent to 11.0 percent export growth next year.

According to the Vietnam Industry Times report, that growth will rely heavily on sales to Russia and the European Union if a bilateral deal isn't signed with the U.S.

Hanoi in July penned a provisional trade treaty with Washington that will add an estimated 10 percent to the country's annual export earnings if finalized.