Vietnam forecasts bigger service export in 2010

Vietnam has predicted to post service export revenues of 12 billion U.S. dollars in 2010, up from nearly 5.7 billion dollars in 2005, local newspaper Vietnam Economic Times reported Tuesday.

Vietnam is expected to reap overseas tourism revenue of 3.2 billion U.S. dollars; labor, 3 billion U.S. dollars, sea transport, 1.1 billion; and air transport, 950 million U.S. dollars in the year, the paper quoted the country's Trade Ministry as saying.

Meanwhile, finance, posts and telecommunications, and insurance are forecast to generate earnings of 550 million U.S. dollars, 530 million U.S. dollars and 470 million U.S. dollars, respectively.

Vietnam plans to post annual service export growth of 16.3 percent in the 2006-2010 period. Specifically, insurance, posts and telecommunications, finance and sea transport are estimated to record annual growth of 29.3 percent, 24.5 percent, 22.4 percent and 21.5 percent, respectively.

To boost service export, the country will invest 780-840 trillion Vietnamese dong (VND) (49.4-53.2 billion U.S. dollars), or 42-43 percent of its total investment, in services between 2006 and 2010, according to the Ministry of Planning and Investment.

Source: Xinhua