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Thesis Final

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY FACULTY OF COMMERCE – TOURISM – MARKETING ————————– GRADUATION THESIS THEME: “SUGGESTED SOLUTIONS FOR VIETNAM VNC IMPORT-EXPORT INVESTMENT CORPORATION TO BOOST PEPPER EXPORT TO THE UAE” Instructor: Prof, Ph. D DOAN TH? H? NG VAN Student’s name: TR? N THANH KHI? T Class: FOREIGN TRADE 1 – COURSE 35 March, 2013 Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van ACKNOWLEDGEMENT I would like to show my sincere thanks to many people who have helped me so much for the completion of this thesis.

First of all, I wish to express my deepest thanks to my instructor, Ms. Doan Th? H? ng Van. Her patient guidance, helpful advice, and great encouragement do make a significant contribution to the accomplishment of my thesis. I also feel deeply indebted to all members of Vietnam VNC Import-Export Investment Corporation who have kindly helped me during my time of internship.

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Without their help, I would not have finished my thesis. Besides, I would like to acknowledge all the authors, known and unknown, whose materials have been referenced during the process of this work.

Finally, I am genuinely grateful to my dear family and my friends for their enormous help in the time I conducted the thesis. March, 2013 Student: Tr? n Thanh Khi? t Class: Foreign Trade 1 – Course 35 i Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van COMMENTS OF LECTURER ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………….. ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………….. ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………….. ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… ………………………………………………………………….. ………………………………………………… ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… ……………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………….. Class: Foreign Trade 1 – Course 35 v Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van ABSTRACT In the era of international economic integration today, the business activities of enterprises, organizations, countries are not only in the scope of the country but they are always ready to prepare the resources to expand operations to other countries in the region and around the world.

The export of goods to other countries has always been closely interested in all stages from negotiating a contract to preparing products and distribute to the importing country. In order that this process is done smoothly, bringing high profits, it needs to be prepared in many thing, including resources within the enterprise to the research to understand market needs and then determine which items on which market. It’s not too difficult to work in the information age now but needs careful investment.

This theme was made at the request of the company VNCIMEX to research and propose solutions to develop sales of the company’s exports to the UAE market. This is one of the first steps to implement the development strategy of market focus for each item of the company. Through the process of studying, I found that in the process of operation the company has achieved certain success in revenue increase, the large market and supplier network.

However, VNCIMEX still has some disadvantages hampering the development of the company, such as lack of marketing activities to build brand name, staff’s qualify is not high, lack of initiative in quality management, the company’s culture is weak. Through the analysis of the resources and the business situation of the company, combining with the research on factors affecting the market, this theme proposed the solutions consistent with the company’s resources to overcome the existing disadvantages, thus, suggested the measures to promote exports of pepper to the UAE, creating momentum for the next development steps of VNCIMEX. Class: Foreign Trade 1 – Course 35 vii Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van CONTENT INTRODUCTION …………………………………………………………………………………. 1 CHAPTER 1: FUNDAMENTAL ARGUMENTS ………………………………… 5 1. 1. The theoretical background:………………………………………………………. 5 1. 1. 1. Definition and roles of export: ………………………………………………. 5 1. 1. 1. 1. Definition: ……………………………………………………………………. 1. 1. 1. 2. Roles of export: …………………………………………………………….. 7 1. 1. 2. Ways to export: …………………………………………………………………… 8 1. 1. 2. 1. Direct export: ……………………………………………………………….. 8 1. 1. 2. 2. Indirect Exporting …………………………………………………………. 9 1. 1. 2. 3. Temporary import for re-export and temporary export for reimport of goods: …………………………………………………………………….. 10 1. 1. 2. 4.

Transfer of goods through border-gates………………………….. 10 1. 1. 2. 5. Export in place ……………………………………………………………. 11 1. 1. 3. The elements affecting to export: ………………………………………… 11 1. 1. 3. 1. Global elements ………………………………………………………….. 11 1. 1. 3. 2. National and international law policies ………………………….. 12 1. 1. 3. 3. Cultural Environment…………………………………………………… 12 1. 1. 3. 4. Economic Environment ……………………………………………….. 2 1. 1. 3. 5. Transportation and communication systems……………………. 13 1. 1. 3. 6. Financial and banking system: ………………………………………. 13 1. 1. 3. 7. Capacity of domestic production and processing …………….. 13 1. 1. 4. Definition and roles of the market: ………………………………………. 14 1. 1. 4. 1. Definition of the market: ………………………………………………. 14 1. 1. 4. 2. Roles of the market in import-export business ………………… 14 1. 2. Reality background ………………………………………………………………… 6 Class: Foreign Trade 1 – Course 35 ix Content 1. 2. 1. Situation of Vietnam’s pepper export industry………………………. 16 1. 2. 1. 1. Situation of pepper production:…………………………………….. 16 1. 2. 1. 2. Vietnam pepper exports: ……………………………………………… 18 1. 2. 1. 3. Prospect for Vietnam pepper export: …………………………….. 20 1. 2. 2. Overview of UAE: ……………………………………………………………. 22 1. 2. 2. 2. Economy – Politics – Society situation………………………….. 23 1. 2. 2. 3.

UAE imports and exports:……………………………………………. 27 1. 2. 2. 4. UAE demand for pepper: …………………………………………….. 28 1. 2. 3. Diplomatic relations between UAE – Vietnam ……………………… 31 Conclusion of Chapter 1: ………………………………………………………………….. 33 CHAPTER 2: PEPPER EXPORTING SITUATION IN VNCIMEX….. 35 2. 1. Overview of Vietnam VNC Import & Export Investment Corporation:……………………………………………………………………………………………. 35 2. 1. 1.

General information: …………………………………………………………. 35 2. 1. 1. 1. VNCIMEX’s formation and development history: ………….. 35 2. 1. 1. 2. Functions and obligations of VNCIMEX ………………………. 38 2. 1. 1. 3. Structure of VNCIMEX ………………………………………………. 39 2. 1. 1. 4. Facilities of VNCIMEX ………………………………………………. 42 2. 1. 2. Analysis of the business activities of VNCIMEX …………………. 43 2. 1. 2. 1. Analysis of revenue …………………………………………………….. 3 2. 1. 2. 2. Analysis of cost ………………………………………………………….. 45 2. 1. 2. 3. Analysis of profit………………………………………………………… 47 2. 1. 2. 4. Evaluating the results of business operation …………………… 48 2. 2. VNCIMEX’s pepper exporting situation ………………………………….. 50 2. 2. 1. General export situation: ……………………………………………………. 50 2. 2. 1. 1. Export products: …………………………………………………………. 0 2. 2. 1. 2. Export market: ……………………………………………………………. 52 2. 2. 2. VNCIMEX’s pepper trading situation: ………………………………… 55 x Student: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van 2. 2. 2. 1. Procurement situation: …………………………………………………. 55 2. 2. 2. 2. VNCIMEX’s pepper exports situation: ………………………….. 56 2. 2. 3. VNCIMEX’s situation of export to UAE: …………………………….. 59 2. 2. 4.

Opportunities and challenges of export to the UAE: ………………. 62 2. 2. 4. 1. Opportunities: …………………………………………………………….. 62 2. 2. 4. 2. Challenges: …………………………………………………………………. 63 2. 2. 5. Evaluation of VNCIMEX’s potential: ………………………………….. 64 2. 2. 5. 1. Advantages:………………………………………………………………… 64 2. 2. 5. 2. Disadvantages: ……………………………………………………………. 65 Conclusion of Chapter 2 …………………………………………………………………… 69 CHAPTER 3: SOLUTIONS FOR VNCIMEX TO BOOST PEPPER EXPORT TO THE UAE …………………………………………….. 71 3. 1. 3. 2. 3. 3. PURPOSES OF Building SOLUTION: …………………………………….. 71 Basis of solutions: ………………………………………………………………….. 71 The suggested solutions: …………………………………………………………. 77 3. 3. 1. Solution 1: To establish Marketing Department: ……………………. 77 3. 3. 1. 1.

Purpose: ……………………………………………………………………… 77 3. 3. 1. 2. Functions and obligations of Marketing Department: ………. 77 3. 3. 1. 3. Facilities and personnel recruitment: ……………………………… 78 3. 3. 1. 4. Building Marketing Mix Strategy for pepper export to the UAE: ………………………………………………………………………………….. 79 3. 3. 1. 5. Expected benefit: ………………………………………………………… 83 3. 3. 2. Solution 2: To reinforce Procurement & Quality Management: . 4 3. 3. 2. 1. Purpose: ……………………………………………………………………… 84 3. 3. 2. 2. To reinforce the procurement process: …………………………… 84 3. 3. 2. 3. To establish an effective quality management system: …….. 85 3. 3. 2. 4. Expected benefit: ………………………………………………………… 85 3. 3. 3. Solution 3: To select, train and motivate the staff: …………………. 86 3. 3. 3. 1. Purpose: ……………………………………………………………………… 86 Class: Foreign Trade 1 – Course 35 xi

Content 3. 3. 3. 2. Human resource solutions: …………………………………………… 86 3. 3. 3. 3. Expected benefit: ………………………………………………………… 87 3. 3. 4. Solution 4: To upgrade the facilities and set up the information technology system: ………………………………………………………………………………. 87 3. 3. 4. 1. Purpose: …………………………………………………………………….. 87 3. 3. 4. 2. Facilities solutions: …………………………………………………….. 8 3. 3. 4. 3. Expected benefit: ………………………………………………………… 88 3. 3. 5. Solution 5: To build a professional culture: ………………………….. 89 3. 3. 5. 1. Purpose: …………………………………………………………………….. 89 3. 3. 5. 2. Build VNCIMEX’s culture: …………………………………………. 89 3. 3. 5. 3. Expected benefit:………………………………………………………… 90 3. 4. Recommendations: ………………………………………………………………… 0 Conclusion of Chapter 3 …………………………………………………………………… 92 GENERAL CONCLUSION ………………………………………………………………. 93 APPENDIX 1: VNCIMEX’s BALANCE SHEET ………………………………….. 95 APPENDIX 2: VNCIMEX’S INCOME STATEMENT ………………………….. 98 REFERENCES 99 xii Student: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van LIST OF PICTURE, CHART AND TABLE Picture 1. 1: Picture 1. 2: Picture 2. 1: Picture 3. 1: Picture 3. : Area and Productivity of pepper: ……………………………………. 17 Flag, emblem and map of UAE………………………………………. 22 Structure of VNCIMEX ………………………………………………… 39 The pepper import value of the global market ………………….. 73 Estimated structure of the Marketing department ……………… 78 Chart 1. 1: Chart 1. 2: Chart 1. 3: Chart 1. 4: Chart 1. 5: Chart 1. 6: Chart 2. 1: Chart 2. 2: Chart 2. 3: Chart 2. 4: Chart 2. 5: Chart 2. 6: Chart 2. 7: Chart 3. 1: Value of Vietnamese pepper from 2008 to 2012 ………………. 9 The United Arab Emirates GDP (Billion U. S. dollars)………. 23 How United Arab Emirates and comparator economies rank on the ease of doing business …………………………………………. 24 UAE Balance of Trade (millon USD) ……………………………… 27 UAE yield and value of pepper imported from Vietnam ……. 29 Dubai Pepper Trade 2003 – 2011 ……………………………………. 30 Changes in goods proportion in VNCIMEX in 2010-2012 … 51 VNCIMEX’s export value in each area in 2010-2012 ……….. 53 VNCIMEX’s export value in main markets in 2010-2012 …. 5 VNCIMEX’s pepper exports in 2010-2012 ……………………… 56 VNCIMEX’s exported goods structure in 2012 ……………….. 57 VNCIMEX’s exports to UAE in 2010-2012…………………….. 60 VNCIMEX’s pepper exports to UAE ……………………………… 61 Monthly average FOB price of black pepper ……………………. 72 Class: Foreign Trade 1 – Course 35 xiii List of Picture, Chart and Table Table 1. 1: Table 1. 2: Table 1. 3: Table 1. 4: Table 1. 5: Table 1. 6: Table 1. 7: Table 2. 1: Table 2. 2: Table 2. 3: Table 2. 4: Table 2. 5: Table 2. 6: Table 2. 7: Table 2. 8: Table 2. : Table 2. 10: Table 2. 11: Table 2. 12: Table 2. 13: Table 2. 14: Table 3. 1: Table 3. 2: Table 3. 3: Vietnamese pepper crops ……………………………………………… 16 Export value of Vietnamese pepper from 2008 to 2012 ……. 18 UAE Balance of Trade (million USD) ……………………………. 27 The UAE’s top 5 import partners: ………………………………….. 28 UAE yield and value of pepper imported from Vietnam …… 29 Dubai Pepper Trade 2003 – 2011 …………………………………… 30 Value of Vietnam trade with UAE …………………………………. 2 Revenue of VNCIMEX in 2010-2012 ……………………………. 43 Revenue growth rate of VNCIMEX in 2010-2012 …………… 44 Cost of the business of VNCIMEX ………………………………… 45 Changes in cost of VNCIMEX’s business in 2010-2012…… 46 The net profit after tax of VNCIMEX in 2010 – 2012 ……… 47 Evaluating the results of business operation ……………………. 48 VNCIMEX’s exported goods ………………………………………… 50 VNCIMEX’s export market structure …………………………….. 52 VNCIMEX’s export value in main markets in 2010-2012 … 4 VNCIMEX’s pepper exports in 2010-2012 …………………….. 56 VNCIMEX’s spices export value in 2010-2012 ………………. 58 VNCIMEX’s pepper export market ……………………………….. 58 VNCIMEX’s exports to UAE in 2010-2012 ……………………. 59 VNCIMEX’s import ppartners in UAE ………………………….. 61 Estimated pepper Yield in 6 major provinces in 2013 ………. 75 VNCIMEX’s kinds of pepper product: …………………………… 79 The average pepper producers’ price and FOB price in the last week of March 2013 …………………………………………………….. 1 xiv Student: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van ABBREVIATION ? ASTA ? CIS ? FAQ ? FOB ? HCMC ? IPC ? MT ? R&D ? UAE ? VPA : American Spice Trade Association : Commenwealth of Independant States : Fair Acceptable Quality : Free On Board : Ho Chi Minh City : International Pepper Community : Metric ton : Research and Development : United Arab Emirates ? VNCIMEX : Vietnam VNC Import – Export Investment Corporation. : Vietnam Pepper Association Class: Foreign Trade 1 – Course 35 xv Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van

INTRODUCTION 1. Reason for choosing this theme: Nowadays, the trend of globalization – of international economic integration is an objective necessity for every country, brings many opportunities and challenges to the development of the economy. In recent years, Vietnam has deeper integrated into regional and international economy, especially when Vietnam officially became the 150th member of the World Trade Organization-WTO. During the process of international economic integration, export activity plays an important role in the creation of national income, employment for domestic workers.

In addition, the integration process has raised the competitive level of goods and services between countries or regions With a strongly developed agriculture, Vietnam defined the main export commodities are agricultural products. The agricultural products are exported to collect foreign currencies which are the capital for investment in importing machinery, equipment, modern technologies for the country’s industrialization and modernization. Vietnam pepper industry has shown its superiority over the years due to lower labor costs and more favorable natural conditions than other countries.

So Vietnam pepper has competitiveness on price and holds the leading position in exports. The pepper price has increased over the years so people tend to cut down some inefficient crops with hope in enrichment from the pepper. The pepper export operation has increased more jobs for people and sources of income for the country. However, Vietnam’s pepper exported to the world markets still faces many problems such as: no suitable distribution system, no brand, uneven product quality, processing limited standards…

Being one of the agricultural products exporters in Vietnam, Vietnam VNC Import-Export Investment Corporation is making a great effort to bring the brand Class: Foreign Trade 1 – Course 35 1 Introduction name of Vietnam agricultural products in general and pepper in particular to the global market. With experience in the field of exports over 4 years since its establishment, the company has achieved certain success, creating momentum for the development to the world market. Currently, the company is promoting pepper export activities to the UAE market as the first step of the strategy to focus on product and market.

However, companies still need to overcome the disadvantages to access and exploit this market Therefore, I have chosen the theme: “Suggested solutions for Vietnam VNC Import-Export Investment Corporation to boost pepper export to the UAE” with the hope to help the company identify and overcome the limitations and difficulties, take advantage of opportunities to further develop in its operation. 2. Purposes of the research: ? Analyzing pepper demand and import situation of the UAE ? Analyzing of the company’s export situation ? Building solutions to overcome constraints and take advantage of opportunities to boost exports for companies 3.

Objective and scope of the research: Objective: ? The secondary data and information on the activities of the company, the field of pepper of Vietnam, and the import demand of the UAE ? The primary information collected from the employees and direct observation of facilities and working environment at the company Scope: ? The information used in this thesis is collected at the company, from documents mentioned in the list of references and from various sources on the internet. The study period is from 2008 to March 2013. 2 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van 4.

Methods of the research: ? Qualitative research: use the commercial knowledge, basic knowledge about the pepper industry as the foundation of practical research and analysis. ? Quantitative research: collect and process data to quantify the value, apply the descriptive statistic method and make an assessment 5. The composition of thesis The composition of the theme is divided into 3 chapters: ? Chapter 1: Fundamental Arguments ? Chapter 2: Pepper export situation in VNCIMEX ? Chapter 3: Solutions for VNCIMEX to boost pepper export to the UAE Class: Foreign Trade 1 – Course 35 3 Introduction 4 Student’s name: Tr? n Thanh Khi? t

Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van CHAPTER 1: FUNDAMENTAL ARGUMENTS 1. 1. THE THEORETICAL BACKGROUND: 1. 1. 1. Definition and roles of export: 1. 1. 1. 1. Definition: Export is an activity in international trade that plays an important role in the economy of all countries. Export is taking place in all areas of the economy, from consumer goods to manufacturing goods, from machinery and equipment to the high-tech technology, from tangible goods to intangible goods. This activity can take place in a very wide range in both space and time. It produces many benefits to countries both exporting and importing products.

It is based on many theories regarding international trade. Some of these include mercantilism, absolute advantage, comparative advantage, factor proportions theory, international product life cycle, new trade theory and national competitive advantage. Mercantilism is a theory that states that nations should accumulate financial wealth through exports and discouraging imports. This was accomplished through trade surpluses, government intervention and colonization. These three things worked together. Trade surplus was maintained through the colonization of under developed territories for their raw materials.

The country would colonize these under developed countries, ship the raw materials needed for export back to the home country and export the finished product around the world. The government intervention occurred when they banned certain imports or imposed a tariff on these imports. At the same time, the government would subsidize their own industries to expand exports. The absolute advantage theory was the ability of a nation to produce a product more efficiently than any other nation using the same amount or fewer resources. The difference in this theory is that trade should not be banned or restricted by Class: Foreign Trade 1 – Course 35 Chapter 1: Fundamental Arguments tariffs but allowed to flow freely according to the demand of the market. This theory also states that the objective be that the people of the country have a higher living standard by being able to obtain goods more cheaply and in greater abundance. The theory measures a nation’s wealth on the living standards of the people and not on the money the country has in its reserve. In the comparative advantage theory the country in question may not be able to produce the good more efficiently than any other country but can produce the good more efficiently than any other good within its own country.

This type of trade is accomplished if, say, one country has the absolute advantage in two different types of exports but it costs more monetarily or in labor than another country. This second country then has the comparative advantage. It is able to produce and export this second good to the first country cheaper and more efficiently. The factor proportions theory states that countries import goods where resources to make them are in short supply and export goods where the resources are abundant. The other theories concentrated on the productivity of a specialized good while this theory focuses on the abundance and cheapness of the goods.

Using this theory, a country will specialize in labor products if the cost of labor is lower than capital and land and specialize in capital and land if the cost is lower than labor. If a country has a large amount of land and specializes in exporting agriculture products then they will more than likely import the capital products needed to help in the labor of these exports. The latest theory is the national competitive advantage that states a nation’s competitiveness in a certain industry depends on the ability of that nation to innovate and upgrade that industry.

This theory takes into account the resources of the country and, in addition, the skills of the country and technological abilities. The national competitive advantage concentrates on improvements in technology and worker processes and worker training and development. 6 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van This term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country.

There are many definitions of export, all of them mention the activity that businesses send their goods or services abroad to another countries to earn profit, in general. In this thesis, I agreed and consistently use the concept of export under Article 28 – COMMERCIAL LAW (REVISED 2005): Export of goods means the bringing of goods out of the territory of the Socialist Republic of Vietnam or into special zones in the Vietnamese territory, which are regarded as exclusive customs zones according to the provisions of law. 1. 1. 1. 2. Roles of export:

In relation to other international business forms, export is the first fundamental form that businesses apply when entering the field of international business. All companies are striving to export their products and services abroad. Thus export is considered an important business strategy of the company. There are many reasons encouraging companies to export, such as: Using their competitiveness (or advance) thoroughly, reduce the cost of a unit by improving production volume, improve profitability of the company, reduce the risk by minimizing fluctuations in demand. Growth of an economy is directly related to exports.

If exports increase at a faster pace as compared to imports, nothing can stop an economy from being a developed one. On the other hand, the instability in exports can adversely affects the process of economic development. Lower exports mean low foreign exchange and lower foreign exchange in turn means a small purchasing capacity of a nation in the international market. Fluctuations in export earnings introduce uncertainties in an economy. These uncertainties influence economic behavior by adversely affecting the level and efficiency of investment and in turn have a negative effect on growth.

In addition to the above factors, export growth is also important because of its effect on internal trade and economic stability. Even more, the rate of economic growth and the distribution of income and wealth in a country are closely related to Class: Foreign Trade 1 – Course 35 7 Chapter 1: Fundamental Arguments export growth. The concept of trade stability or instability may be based either on a country’s aggregate trade in comparison with the cost of the world or on a binary country pair comparison. Such binary pairs may be large depending upon the number of trading allies.

Export instabilities have been claimed to affect economic growth both positively and negatively. Fluctuation in exports earnings introduces uncertainties in the economy. The other side of the picture is that a greater amount of uncertainty on export proceeds also brings about risk aversion. People tend to invest more in their own country and the economy starts improving gradually. But this is not much observed these days. Export fluctuations, on an average, act as a hindrance to the stability and growth of the under developed countries. A high degree of export instability may be expected to deter investment on a number of grounds.

It is also expected to raise borrowing costs, because export fluctuations tend to cause balance of payment complexities. This ultimately leads to low confidence of people in the process of maintenance of the exchange rate. Export instability stimulates inflation. The simple rule of the thumb is that as inflation rises in a country, the products and services tend to be costlier, with minor exceptions, of course. In summary, boost exports is considered a strategic issue to economic development, industrialization and modernization of the country. 1. 1. 2. Ways to export: 1. 1. 2. 1. Direct export:

Direct exports represent the most basic mode of exporting, capitalizing on economies of scale in production concentrated in the home country and affording better control over distribution. Direct exports are goods and services that are sold to an independent party outside of the exporter’s home country. Direct exporting means you export directly to a customer interested in buying your product. You are 8 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van responsible for handling the logistics of shipment and for collecting payment. Direct export works the best if the volumes are small.

Advantages of direct exporting: Controlling over selection of foreign markets and choice of foreign representative companies; Good information feedback from target market; Better protection of trademarks, patents, goodwill, and other intangible property; Potentially greater sales than with indirect exporting. Disadvantages of direct exporting: Higher start-up costs and higher risks as opposed to indirect exporting; Greater information requirements; Longer time-tomarket as opposed to indirect exporting. 1. 1. 2. 2. Indirect Exporting Indirect export is the process of exporting through domestically based export intermediaries.

Indirect methods of exporting requires less marketing investment, but, as the exporter has no control over its products in the foreign market, the company lose substantial control over the marketing process. Indirect exporting is preferred by companies who would want to avoid financial risk as a threat to their other goals. There are many types or methods of indirect exporting, such as: Filling orders from domestic buyers who then export the product; Seeking out domestic buyers who represent foreign customers; Exporting through an Export Management Company (EMC);Exporting through an Export Trading Company (ETC); …

Advantages of indirect exporting: Fast market Access; Concentration of resources for production; Little or no financial commitment. The export partner usually covers most expenses associated with international sales; Low risk exists for those companies who consider their domestic market to be more important and for those companies that are still developing their R&D, marketing, and sales strategies; The management team is not distracted; No direct handle of export processes. Class: Foreign Trade 1 – Course 35 9

Chapter 1: Fundamental Arguments Disadvantages of indirect exporting: Higher risk than with direct exporting; Little or no control over distribution, sales, marketing, etc. as opposed to direct exporting; Inability to learn how to operate overseas; Wrong choice of market and distributor may lead to inadequate market feedback affecting the international success of the company; Potentially lower sales as compared to direct exporting, due to wrong choice of market and distributors by export partners. 1. 1. 2. 3.

Temporary import for re-export and temporary export for re-import of goods: According to Article 29 – Commercial Law (revised – 2005): Temporary import of goods for re-export means the bringing of goods into Vietnam from foreign countries or special zones locating in the Vietnamese territory, which are regarded as exclusive customs zones according to the provisions of law, with the completion of the procedures for importing such goods into Vietnam, then procedures for exporting the same goods out of Vietnam.

Temporary export of goods for re-import means the bringing of goods overseas or into special zones in the Vietnamese territory which are regarded as exclusive customs zones according to the provisions of law, with the completion of procedures for exporting such goods out of Vietnam, then procedures for importing the same goods back into Vietnam. 1. 1. 2. 4. Transfer of goods through border-gates

According to Article 30 – Commercial Law (revised – 2005): Transfer of goods through border-gates means the purchase of goods from a country or territory for sale to another country or territory outside the Vietnamese territory without carrying out the procedures for importing such goods into Vietnam and the procedures for exporting such goods out of Vietnam. Transfer of goods through border-gates shall be conducted in the following forms: 10 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van / Goods are transported directly from the exporting country to the importing country without going through Vietnamese border-gates; b/ Goods are transported from the exporting country to the importing country through Vietnamese border-gates without carrying out the procedures for importing them into Vietnam and the procedures for exporting them out of Vietnam; c/ Goods are transported from the exporting country to the importing country through Vietnamese border-gates and brought into bonded warehouses or areas for transshipment of goods at Vietnamese ports without carrying out the procedures for importing them into Vietnam and the procedures for exporting them out of Vietnam. 1. 1. 2. 5. Export in place In this way, the products and services may not be brought out of national border but have the same meaning with ones exported. They can be provided to Diplomatic Corps or foreign tourists,… They can consume in our country or bring it to their country so we don’t need to deliver goods abroad.

Instead we can receive hard currency without paying transportation costs and without taking unnecessary risk. This ways is playing an important role in our national socio-economic development because exporting products is risky with great distances between suppliers and overseas customers 1. 1. 3. The elements affecting to export: 1. 1. 3. 1. Global elements It is a factor of the international trade system. Although the general trend in the world is free trade and the global effort to reduce barriers to international business, import-export traders are faced with various trade restrictions. The most popular is tariff, a foreign government tax on imported products.

Tariffs can be stipulated to increase the national income or to protect domestic firms. Exporters may also face a quota which is proposing limits on the amount of goods that the importing country accepts for certain types of products. The objective of the quota Class: Foreign Trade 1 – Course 35 11 Chapter 1: Fundamental Arguments is to protect foreign exchange reserves and technology as well as local jobs. An embargo is the highest form of quotas, in which the import of the products in the list of sanctions banned completely. Import-export business may be limited due to the foreign exchange control is to regulate the amount of foreign currency and the exchange rate against other currencies.

The import-export business may also face a range of non-tariff barriers such as import licenses, the management, regulation shaped like discrimination with foreign contractors, the product standards that could be used as an excuse for protectionism. 1. 1. 3. 2. National and international law policies These are the factors that import – export enterprises need to understand and comply with. They express the general consensus of the international business. Export activities are conducted between companies in different countries, so they are impacted by the policies and laws of that country, comply with the regulations and laws of the country as well as the international ones 1. 1. 3. 3. Cultural Environment

Each country has its own customs, rules, taboos own. They are formed by the cultural traditions of each country and have tremendous influence to consumer’s behavior. Although the cultural exchange among the countries creates many general consuming behaviors, but the traditional cultural elements still have a very strong impact on consuming habits. In particular they are clearly showed in the differences between Eastern and Western traditions, religions and races. 1. 1. 3. 4. Economic Environment Economic environment has a strong affect to export activities. It determines the attractiveness of the market through the reflection of the market potential and infrastructure system of a country.

In recent years, the international economic environment has many changes because there are many different levels in the trend of economic combination such as free trade area, customs union, economic 12 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van community … These trends have an impact on export activities of the country in two ways: make a priority to each other and to stimulate growth of the members. 1. 1. 3. 5. Transportation and communication systems The implementation of import-export operations is closely related to the transportation and communications. The development of communications allows the parties around the world to connect closely to each other to inform and conduct in time.

The transportation of goods from one country to another is a costly and difficult part in import-export operations. Therefore, if the transportation and communication systems are continuous improved, import-export activities will be carried out easily, quickly, and vice versa. 1. 1. 3. 6. Financial and banking system: The rapid development of the financial and banking systems has influenced on every enterprise in every business. But for the banking systems, import-export operations have never been conducted. Thanks to the relationships and useful services created by the e-banking, enterprises’ import-export activities are advantageously guaranteed. 1. 1. 3. 7. Capacity of domestic production and processing

Trading in general and import-export business in particular are not the process of consuming but purchasing and selling. The import-export enterprises doing business in in-put market aims to prepare in-put elements of which goods are the most important thing. The quality, quantity and capacity of meeting a wide demand over the world extremely depend on capacity of domestic production and processing. This significantly contributes to building the trade mark, prestige of products of the country. Class: Foreign Trade 1 – Course 35 13 Chapter 1: Fundamental Arguments 1. 1. 4. Definition and roles of the market: 1. 1. 4. 1. Definition of the market:

The market is defined as the consequence of economy and the development of labor division in society. Lenin states, “Where there are labor division and production in society, there exists the market. ” In small production, the commodity market was not developed much. Then the capitalism witnessed the rapid development of commodity economy where the commodity market scale expanded ever and everything turned to be commodities, even labor. Moreover, the commodity economy has become a global one; no longer has it belonged to a separate country or people. From the economic viewpoint, the market reflects the relationship between the supply and demand of a specific kind of goods in a specific circumstance and period of time.

From the viewpoint of enterprise managers, the definition of “market” is closely bound to economic factors that participate in that market such as purchasers, sellers, retailers, etc… and their concrete activities. On the other hand, in the context of modern business, the supply factor is declining in importance whereas demands and the recognition of demands have increasingly become essential factors in an enterprise. From what has been discussed so far, the international market’s definition can be stated as follows, “An enterprise’s international market is all its potential international clients. ” 1. 1. 4. 2. Roles of the market in import-export business All enterprises do business in the market.

In order to successfully carry on their commerce, they have to consolidate and develop their trade environment including both the in-put and out-put market. In this global trend, various enterprises nowadays are increasingly exporting their products to the international market, which is the most popular ways especially used by both new and old Student’s name: Tr? n Thanh Khi? t 14 Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van enterprises. The more competitive the market is, the more globalized the market becomes. Therefore, the market plays important roles in the import-export activities. + It is the market where commodities are consumed to meet the requirements of balancing between the supply and demands. + The market also ensures enterprises’ existence.

Every company involved in import-export activities highly appreciates the market because it is the vital factor in deciding that enterprise’s success. + Thanks to the market, information is available to producers, consumers and traders. It clearly indicates the fluctuation in social demands, prices, as well as the changing trends in commodity needs. Such information is valuable for producers to adjust their production to match supply and demand relationship, change specifications and designs to suit the needs, tastes, produce goods to meet consumer demand, and so on. The formation and development of the market are associated with the formation and development of the production and circulation of goods and money.

The market plays an important role to promote the development, expansion of production and circulation of goods. Class: Foreign Trade 1 – Course 35 15 Chapter 1: Fundamental Arguments 1. 2. REALITY BACKGROUND 1. 2. 1. Situation of Vietnam’s pepper export industry Beginning in the seventeenth century as a kind of perennial industrial plant of Vietnam, Vietnamese pepper has had many gigantic strides not only in Vietnam agriculture but of the whole world. This spectacular development started from the years 1983 – 1990 when the price of pepper on the world market increased. Cultivated area of Vietnam has continuously increased and reached nearly 9,200 ha from 400 ha in 1970. With an average growth rate of 27. 9% per year from 1996, Vietnam’s cultivated area was in excess of 52,000 hectares in 2004. Along with the rapid development of the area, export amount of Vietnam has increased with the growth rate of 30% per year from 1998 to present. In 2001, Vietnam became the world’s greatest pepper exporter with total exports reached 56. 506 tons, accounting for 28% of total world pepper exports. Since then, Vietnam has continuously been the world leader in pepper production and exports, the average export amount was estimated at 100,000 tons per year. Now, Vietnam pepper is exported to nearly 80 countries and territories around the world. 1. 2. 1. 1. Situation of pepper production: Table 1. : Vietnamese pepper crops Source:VPA AREA Southeast Central Coast Central Highlands CROP Summer – Autumn Autumn – Winter Summer – Autumn MONTH 6-8 9-10 5-8 16 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van Picture 1. 1: Area and Productivity of pepper: Source:VPA Peppers are grown mainly on the basaltic soils with high fertility. Pepper crop depends on the climatic conditions of each area, almost starts at the beginning of the rainy season and ends before the dry season of about 2-2. 5 months. In 2011, pepper is grown mainly in the southeastern provinces (accounting for 54% of the total area of pepper), followed by the Central Highlands with 23. 7% of the total area, the rest is in the North Central, South Central and South West with 22. 3%.

The Ministry of Agriculture and Rural Development (MARD)’s Cultivation Department said the pepper growing area increased from 7,000 hectares in 1995 to 50,000 ha in 2010, then from 55,400ha in 2011 to 57,500ha in 2012. The main Class: Foreign Trade 1 – Course 35 17 Chapter 1: Fundamental Arguments reason was that farmers wanted to make a quick profit despite warnings about the spread of diseases from the growing of pepper with unclear origin. A recent survey by the Ministry of Agriculture and Rural Development (MARD)’s Cultivation Department shows that the average pepper yield dropped to just 2. 4 tons per hectare in 2012 compared to 3-3. 5 tons per hectare two years earlier.

Dong Nai Province, for instance, has expanded its pepper growing acreage to 1,000 hectares, but it has seen a decline in yield from 2 tons per hectare in 2011 to just 1. 4 tons per hectare in 2012. In Ba Ria Vung Tau Province, the average pepper yield is down by 0. 14 tonne per hectare. Only in Binh Phuoc Province, it is up from 2. 85 tons to 3. 07 tons per hectare. The cause of the decline in output: Pepper is a long day plant which is difficult to grow because it is sensitive to climatic conditions and weather, so that it can be infected with a variety of pests. According to Institute of Plant Protection, the 5year-old pepper tree has the death rate of about 20 – 24%. This rate is nearly 38% for pepper grown in the valley and the foothills area.

Moreover, the situation of cutting pepper to other crops after harvest makes the pepper area decrease because of high investment costs. In addition, it can be caused by natural disasters, storms and floods. 1. 2. 1. 2. Vietnam pepper exports: Table 1. 2: Export value of Vietnamese pepper from 2008 to 2012 Year 2008 2009 2010 2011 2012 Yield (ton) Compare with the previous year yield ton percent Value (1000USD) Compare with the previous year value ,000 USD percent 90,250 134,261 116,859 123,808 116,826 44,011 -17,402 6,949 -6,982 48. 77% -12. 96% 5. 95% -5. 64% 311,172 36,977 11. 88% 348,149 73,254 21. 04% 421,403 310,810 73. 76% 732,213 61,383 8. 38% 793,596 Source: General Statistics Office 18 Student’s name: Tr? n Thanh Khi? t

Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van Chart 1. 1: Value of Vietnamese pepper from 2008 to 2012 200000. 0 Yield (ton) 180000. 0 160000. 0 140000. 0 120000. 0 900000. 0 Value(1000USD) 800000. 0 700000. 0 600000. 0 500000. 0 100000. 0 400000. 0 80000. 0 60000. 0 40000. 0 20000. 0 . 0 Year 2008 2009 yield (ton) 2010 2011 Value (1000USD) 2012 300000. 0 200000. 0 100000. 0 . 0 While most of agricultural products went down in price last year, pepper exports continued paying off well with net turnover increasing by nearly 10 percent and market prices rising by roughly 16 percent. However, the pepper sector is facing a steady decline in output.

According to the General Statistics Office (GSO), Vietnam exported 116,826 tons of pepper and earned US$793,596,000, down 5. 64 percent in volume but up 8. 38 percent in value with the average export price in 2012 rising 15. 8 percent to US$6,792 per ton against the previous year. Of the total volume, the US accounted for 14. 7 percent, Germany (10. 1 percent) and United Arab Emirates (8. 48 percent). As the world’s largest supplier, Vietnam accounts for more than 50 percent of pepper transactions with more than 80 nations and territories, most notably with Class: Foreign Trade 1 – Course 35 19 Chapter 1: Fundamental Arguments Singapore (up 105. 68 percent), Kuwait (up 78. 67 percent), Canada (up 76. percent), Australia (up 71. 5 percent) and Italy (up 67. 17 percent). The Vietnam Pepper Association (VPA) said over the past six years, the pepper price has kept increasing from VND30,000 per kilo in 2009 to VND130,000 per kilo in 2012. VPA President Do Ha Nam said the pepper cultivation covers only 2. 5 percent of the total 2 million hectares reserved for the growing of five industrial plants in the country, but it accounts for over 8 percent of their total export earnings. Its economic value hovers around US$6,800 per hectare per year, 4 times higher than rubber, 8 times higher than cashew nuts, 2. 6 times higher than coffee and 6 times higher than tea. Each hectare f pepper can make a profit of around VND200-250 million per year. Vietnam harvested 125,000 tons of pepper in 2011and only 115,000 tons in 2012, showing a paradoxical result of larger cultivation acreage but lower output. According to the International Pepper Community (IPC), the global pepper output in 2013 will drop to 319,000 tons from 327,000 tons last year and Vietnam will reap only 100,000 tons compared to last year’s figure of 115,000 tons. 1. 2. 1. 3. Prospect for Vietnam pepper export: At present, the world economy is showing signs of recovery, the most evident is the price of agricultural products are increasing in both domestic and foreign market.

This is a good sign because the market is beneficial for enterprises to export agricultural products when there is a significant import demand of Vietnam’s pepper after Tet. Specifically, the pepper are at the beginning of the crop but the price is higher than in the same period last year, reaching 122,000-123,000 VND/kg In the future, Vietnam has many opportunities to develop the pepper export industry, such as: 20 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van • Demand of pepper consumption in the world increases more and more: In developed countries, over 60% of pepper is used in food service, 40% of the rest is used in household and sector of medicine, perfume, chemistry-cosmetic.

In developing countries, 90% of pepper output is used by households. This proves that the international pepper market is very large. • Having the position in the international market: Now Vietnam’s pepper output ranks at the top in the world and it can rule the international pepper market. The international pepper producers assess that Vietnam is the main pepper supplier for the world. • The supply source in the world decreases: Vietnam’s pepper will influence much the global pepper price because the sources of the big producers like India, Brazil, and Indonesia is decreasing gradually with the output less than 1 ton per hectare, whereas Vietnam’s pepper output remains 2. 5 tons per hectare.

This narrow supply source also causes a continuous increase in the world’s pepper price. • Advantageous business environment: Vietnam has become the full member of International Pepper Community (IPC) since 21 March 2005. This is the large chance for Vietnamese enterprises to contact and find the pepper exporting partners in the world market. The event that Vietnam joined in World Trade Organization on 11 July 2007 helps it attain the equal position like other members on forming global trade policies, have chance to struggle for establishing a new, fairer, more reasonable economic order, have chance to protect the benefits of our country and enterprises as well. Joining WTO, Vietnam Pepper will obey fully the market rules.

With her advantages of natural conditions, the activeness and creation, Vietnam Pepper are now ready to pass every challenge as well as be confident to seize opportunities for further development and for confirming continuously her position in the world market. Class: Foreign Trade 1 – Course 35 21 Chapter 1: Fundamental Arguments 1. 2. 2. Overview of UAE: Formal Name: United Arab Emirates (Al Imarat al Arabiyah al Muttahidah) . ? ? ?????? The seven emirates, in order of size, are: Abu Dhabi (Abu Zaby) ? ,??? ? ?? Dubai (Dubayy) ? ,? ?? Sharjah (Ash Shariqah) ? , ????? Umm al Qaywayn ? , ? ?? Ajman ? ,?? ??? Al Fajayrah ???? , and Ras al Khaymah ?. ???? Short Form: UAE. Term for Citizen(s): Emirati(s).??? ? ?? Capital: Abu Dhabi City. ???? ? ?? Picture 1. 2: Flag, emblem and map of UAE The United Arab Emirates is situated in Southwest Asia, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia; it is in a strategic 22 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van location along southern approaches to the Strait of Hormuz, a vital transit point for world crude oil. 1. 2. 2. 2. Economy – Politics – Society situation The UAE has a relatively high Human Development Index among Asian continent, ranking thirtieth globally.

In 2011, UAE is ranked as the 14th best nation in the world for doing business based on its economy and regulatory environment, ranked by the Doing Business 2011 Report published by the World Bank Group. At $360 billion in 2012, the GDP of the UAE ranks second in the Cooperation Council for the Arab States of the Gulf – CCASG (after Saudi Arabia), third in the Middle East—North Africa (MENA) region (after Saudi Arabia and Iran), and 30th in the world. There are various deviating estimates regarding the actual growth rate of the nation’s GDP, however all available statistics indicate that the UAE currently has one of the fastest growing economies in the world. According to a recent report by the Ministry of Finance and Industry, nominal GDP rose by 20. % in 2012 to $360 billion, compared with $298 billion in 2011. Chart 1. 2: The United Arab Emirates GDP (Billion U. S. dollars) Source: www. tradingeconomics. com | World Bank Group Although the United Arab Emirates is becoming less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in the economy, especially in Abu Dhabi. A massive construction Class: Foreign Trade 1 – Course 35 23 Chapter 1: Fundamental Arguments boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects.

With a population of just under 900,000 Abu Dhabi was labeled “The richest city in the world” by a CNN article. Petroleum and natural gas exports play an important role in the economy, especially in Abu Dhabi. More than 85% of the UAE’s economy was based on the exports of natural resources in 2009. The UAE has tried to reduce its dependency on oil exports by diversifying the economy, particularly in the financial, tourism and construction sectors. While Abu Dhabi remained relatively conservative in its approach, Dubai, which has far smaller oil reserves, was bolder in its diversification policy. Emirate law does not allow trade unions to exist.

The right to collective bargaining and the right to strike are not recognized, and the Ministry of Labor has the power to force workers to go back to work. Migrant workers who participate in a strike can have their work permits cancelled and be deported. Chart 1. 3: How United Arab Emirates and comparator economies rank on the ease of doing business Source: Doing Business 2013| World bank Group 24 Student’s name: Tr? n Thanh Khi? t Graduation Thesis Instructor: Prof, Ph. D Doan Th? H? ng Van The UAE’s economy was badly hit by the financial crisis of 2007–2010. In 2009, the country’s economy shrank by 4. 00% and the property sector and construction went into decline.

However, tourism, trade and the retail sector have remained buoyant and the UAE’s overseas investments are expected to support its full economic recovery. Concern remains about the property sector. Property prices in Dubai fell dramatically when Dubai World, the government construction company, sought to delay a debt payment. The ability to service debt remains a problem. Abu Dhabi gave Dubai a $10bn handout – $4. 1bn of it to bail out Dubai World. The United Arab Emirates is a federation of absolute hereditary monarchies. It is governed by a Federal Supreme Council made up of the seven emirs of Abu Dhabi, Ajman, Fujairah, Sharjah, Dubai, Ras al-Khaimah and Umm al-Qaiwain. All responsibilities not granted to the national government are reserved to the emirates.

A percentage of revenues from each emirate are allocated to the UAE’s central budget. The culture of the United Arab Emirates has a diverse, cosmopolitan and multicultural society. The country’s cultural imprint as a small, ethnically homogenous pearling community was changed with the arrival of other ethnic groups and nationals – first by the Iranians in the early 1900s, and later by Indians and Pakistanis in the 1960s. Dubai has been criticized for perpetuating a class-based society, where migrant workers are in the lower classes. Despite the diversity of the population, only minor and infrequent episodes of ethnic tensions, primarily between expatriates, have been reported in the city.

Major holidays in Dubai include Eid ul-Fitr, which marks the end of Ramadan, and National Day (2 December), which marks the formation of the United Arab Emirates. Emirati culture mainly revolves around the religion of Islam, traditional Arab, and Bedouin culture. Being a highly cosmopolitan society, the UAE has a diverse and vibrant culture. The influence of Islamic and Arab culture on its architecture, Class: Foreign Trade 1 – Course 35 25 Chapter 1: Fundamental Arguments music, attire, cuisine, and lifestyle are very prominent as well. Five times every day, Muslims are called to prayer from the minarets of mosques, which are scattered around the country.

The weekend begins on Friday due to Friday being the holiest day for Muslims. Most Muslim countries have a Friday-Saturday or ThursdayFriday weekend. This unique socioeconomic development in the Arabian Galf has meant that the UAE is generally more liberal than its neighbors. While Islam is the main religion, Emiratis have been known for their religious tolerance, and churches, Hindu temples, Sikh Gurdwara can be found alongside mosques. However, there is no Jewish synagogue in the United Arab Emirates. A cosmopolitan atmosphere is gradually growing. As a result there are a variety of foreign-influenced schools, cultural centers, and themed restaurants.

In foreign relations, since the establishment of the United Arab Emirates in 2 December 1971, UAE adopted a balanced foreign policy based on adoption of dialogue, respect of international conventions, commitment to the United Nations Charter and non-interference of other country’s internal affairs, and the settlement of disputes by peaceful means. One of the main anchors of the UAE’s foreign policy has been building cooperation-based relations with all countries of the world.. It plays a significant role in OPEC and the UN, and is one of the founding members of the Gulf Cooperation Council (GCC). Besides, UAE is also a member of the Arab League, KLK Movement, the Organization of the Islamic Conference (OIC), World Trade Organization (WTO), World Bank (WB), International Monetary Fund (IMF) and the International Labor Organization (ILO), etc. 26 Student’s name: Tr? n Thanh Khi? t Graduation Thesis

Instructor: Prof, Ph. D Doan Th? H? ng Van 1. 2. 2. 3. UAE imports and exports: Table 1. 3: UAE Balance of Trade (million USD) Ngu? n: IMF Chart 1. 4: UAE Balance of Trade (millon USD) The UAE is the second largest economy and the trade and financial center in the Middle East. In 2010, the UAE traded non-petroleum goods worth US$205 billion. This included US$50 billion worth of re-expor