Exports

Imports rose by 13.6 percent to $215.59 billion, according to data from the General Statistic Office. In the same period last year Vietnam had run up a trade deficit of $3.31 billion. Mobile phones and components remained the top export item, with their value going up 13.1 percent to $33.7 billion. Electronics, laptops and components were second at $31.7 billion, followed by equipment and spare parts at $24.9 billion. Garment and footwear exports jumped by nearly 20 percent each to $22.1 billion and $14.1 billion. The U.S. continued to be Vietnam’s biggest export market with its purchases going up by 24.3 percent to $67.1 billion. China followed with imports of $30.4 billion. It was Vietnam’s top trading partner with two-way turnover of $103.1 billion. Exports to other other markets rose by 13-27 percent. The trade surplus is low and not very likely to be sustained, the GSO warned. … [Read more...] about Vietnam enjoys trade surplus following double-digit export growth

The General Department of Vietnam Customs reported that as of mid-July, garment-textile was one of the four sectors posting the highest export revenue, with a record of over 20 billion USD, up nearly 20% year-on-year. Garment-textile was also among the six groups whose export value increased by over 1 billion USD. Vietnamese garment-textile products were shipped to 55 countries and territories worldwide, including 17 markets with a turnover of more than 100 million USD each. The US, Japan, the Republic of Korea and Canada were among major buyers of the Vietnamese products. Earlier, the Vietnam Textile & Apparel Association said textile-garment producers target to earn up to 21 billion USD from exports in the second half of this year, raising total shipments of the year to around 43 billion USD./. VNA … [Read more...] about Garment-textile exports set to hit 45.7 billion USD this year

Vietnam’s rice remains favorite in the international market despite fierce competition. Vietnam exported nearly 4.2 million tons of rice during the first seven months of 2022, representing an increase of over 20% year-on-year, according to the Ministry of Agricultural and Rural Development (MARD). Rice production for exports at Loc Troi Company . Photo: Nguyen Binh “Despite fierce competition, Vietnamese rice products continue to be among the favorites in the international market,” stated the ministry in a report. During the January-July period, Vietnam exported 4.19 million tons of rice for over US$2 billion, an increase of 20.5% year-on-year in volume and 9% in value. Among Vietnam’s major markets, the US recorded the highest growth with an increase of 65.3% in rice imports during the first half, followed by the Philippines with 48.6%. The Philippines remained Vietnam’s largest rice buyer and made up 44.5% of total exports. Rice demands from African … [Read more...] about Vietnam’s rice exports hit a record high

Illustrative image Benefits and worries Referring to the increasing value of the US dollar, Mr. Nguyen Chi Trung, Chairman of the Board of Directors of the Gia Dinh Group, said that big exporters such as Gia Dinh shoes will certainly benefit as they will have more revenue to reduce the pressure of input costs which have been increasing continuously over the last months. Mr. Trung cited that the previous exchange rate was about VND22,600 for one US dollar and when an enterprise exported US$1 million worth, it could earn about VND22.6 billion. Now, if the exchange rate is anchored at VND23,900 for one US dollar than the figure will be about VND23.9 billion. It is true that there will be an immediate benefit to be seen by many export groups. However, according to Mr. Nguyen Xuan Hong, Chairman of the Ho Chi Minh City Textile and Garment Embroidery Association, in general when the dollar appreciates it will be seen as favorable for many exporters, including textile and garment … [Read more...] about Rising inflation causing concern for export businesses

Viet Nam’s exports of tuna products to France in the first seven months of the year were 203 per cent higher year-on-year. — VNA/VNS Photo The value of aquatic exports in July fell below US$1 billion for the first time in 2022, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). It was expected to fetch $970 million, up 14 per cent year-on-year and 4 per cent month-on-month. The country’s total aquatic export turnover in the first seven months of this year reached nearly $6.7 billion, an increase of 35 per cent compared with the same period last year. After recording a sharp rise of 34-62 per cent in the first five months of the year, aquatic exports began cooling in June with an increase of just 18 per cent. The decline is mainly due to unfavourable weather, with early rains affecting seafood production. The stockpile of aquatic products from last year has also dropped. Shrimp exports in June decreased by 1 per cent compared to the same period … [Read more...] about Aquatic exports drop below US$1 billion in July

SINGAPORE/MUMBAI -- Adverse weather across top rice suppliers in Asia, including the biggest exporter India, is threatening to reduce the output of the world's most important food staple and stoke food inflation that is already near record highs. Rice has bucked the trend of rising food prices amid bumper crops and large inventories at exporters over the past two years, even as COVID-19, supply disruptions and more recently the Russia-Ukraine conflict made other grains costlier. But inclement weather in exporting countries in Asia, which accounts for about 90% of the world's rice output, is likely to change the price trajectory, traders and analysts said. "There is an upside potential for rice prices with the possibility of production downgrades in key exporting countries," said Phin Ziebell, agribusiness economist at National Australia Bank. "An increase in rice prices would add to already major challenges for food affordability in parts of the developing world," Ziebell told … [Read more...] about Analysis: Global rice supplies at risk as harsh weather hits top exporters

Shrimp processing for export (Photo: VNA) Sydney (VNA) - Since the outbreak of the COVID-19 pandemic, the delay in customs clearance of Vietnamese goods exported to Australia, especially at the quarantine stage, has become serious, mainly in the two states of New South Wales and Victoria. One of the main reasons is that Australia is currently facing labour shortages in many fields, while trade is growing and the spread of COVID-19 is still complicated. According to the Vietnam Trade Office in Australia , right from the beginning of April, in its market bulletin, the office announced the situation and made recommendations on several measures to minimise impacts of the delay as proposed by Australia. For fresh agricultural products, the office has suggested importers to transport them by air, and at the same time persuade importers in West and South Australia, which are not overloaded like the two above-mentioned states, to boost imports. Particularly for fresh … [Read more...] about Vietnam’s exports to Australia face slow quarantine

A wood product factory in Vietnam (Photo: VNA) London (VNA) – A webinar was held on August 4 to update Vietnamese exporters on the UK Conformity Assessed (UKCA) mark, which is mandatory for most of industrial products circulated and used in the UK from next year. The UKCA was created to replace the CE (Conformité Européene - European Conformity) mark of the European Union after the UK left the bloc in 2020. Though the new mark already took effect on January 1, 2021, the UK still accepts the CE mark during the transition process so that businesses can have time to adapt to new requirements. However, the UKCA will be compulsory for most of industrial products exported to the country from January 1, 2023. Addressing the seminar, Vietnam’s Trade Counsellor in the UK Nguyen Canh Cuong said the timely adaptation to the UKCA marking requirements is highly necessary for Vietnamese firms to not miss business chances in the major import market of industrial products. … [Read more...] about Vietnamese exporters updated about UKCA mark

Illustrative photo (Source: VNA) Hanoi (VNA) - Vietnam exported nearly 4.2 million tonnes of rice in the first seven months of 2022, up 20.5% year-on-year, according to the Ministry of Agriculture and Rural Development. But earnings were only 9% higher, at 2 billion USD, since global rice prices have fallen by over 10% to 489 USD a tonne on average. Exports to the US grew fastest at 65.3%, followed by the Philippines, Vietnam 's top market, at 48.6%. Domestic prices also fell as adverse weather affected rice quality and demand was low compared to previous months. Exporters have slowed down purchases from farmers and await the peak harvest season. Vietnam is currently the second biggest rice exporter in the world, just behind India./ VNA … [Read more...] about Vietnam’s rice exports jump 20% in seven months

The EU is Vietnam’s second-largest trading partner and an export market that witnessed the euro fall below $1 for the first time in nearly 20 years on July 29. Euro-dollar parity threatens the nation’s exports, source: freepik.com Pham Van Viet, chairman of Viet Thang Jeans, the top 5 leading fashion companies in Indochina, said that the immediate impact on textile and garment export enterprises is a decrease in value. All customers in Europe pay in euros and Vietnamese businesses that receive money back home must exchange it for USD. Now that the euro has fallen to the level of the US dollar, the export value of each shipment will decrease accordingly. “Profits of businesses are low because input costs such as gasoline, input material prices, and labour costs have all increased, now the plunge in euro prices will drag profits down even more,” he told VIR. Viet added that the depreciation of the euro shows that the European market is currently unstable, and … [Read more...] about Euro-dollar parity threatens the nation’s exports