Increased global demand for electric wire and cable in the automobile industry is tipped to boost exports in the third quarter of this year, the Ministry of Industry and Trade said.
Increased global demand for electric wire and cable in the automobileindustry is tipped to boost exports in the third quarter of this year,the Ministry of Industry and Trade said.
Vietnamese electric wire and cable is sought after because the quality is good and the price competitive, the ministry said.
Imports of materials to make electric wire and cable increased sharplyin May and the price of the material also increased, which was expectedto push up the price of exports.
In the first five months,Vietnam earned 487.8 million USD from exporting electric wire andcable, double the same period last year, the ministry said.
The two largest importers were Japan (342 million USD) and the US(53 million USD), both double the same period last year, mainly ofelectric wire and cable for automobiles, computers and motorbikes.
Africa and the Middle East also have potential for exporters, the ministry said.
The sector has room for growth and will benefit from support policies,such as reduced export fees and red tape, the ministry said.
Producers should use local material to cut production costs and investin research and production technology to add value to products./.
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