Enterprises in the textile, garment and footwear industries are facing difficulties on a variety of fronts, including a reduction in export orders, and the plight is likely to continue until the first half of next year.
Vietnam's import and export activities will face many difficulties and challenges in the last months of this year and into the next, according to Nguyen Cam Trang, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).
As the global economy is experiencing severe instability, Vietnam is advised to find ways to minimize its dependance on imported materials while diversifying material purchase sources and trying to buy from domestic producers instead.
All the bi-lateral and multi-lateral Free Trade Agreements (FTAs), along with the Regional Comprehensive Economic Partnership (RCEP) which came into effect on 1 January 2022, have helped in opening up the Vietnamese market to the world.
Many agricultural businesses in Vietnam have been eager with the welcoming signal from international markets to domestic produce. The only matter left is close cooperation between agro-product processing and farmers to create green and clean products that satisfy the food safety and hygiene standards set by those markets.
Vietnam’s fruit and vegetable export turnover hit US$1.4 billion in the first five months of this year, down 17 percent compared to the same period last year, according to the Ministry of Agriculture and Rural Development (MARD).
The Ministry of Industry and Trade (MoIT) will continue to coordinate with relevant ministries and sectors in supporting businesses to minimize the impacts of trade remedies that may have a detrimental effect on Vietnam’s export activities.
The Food Safety and Inspection Services (FSIS) under the United States Department of Agriculture has recognized six more Vietnamese pangasius processing factories that are eligible to export products to the US, raising the number of establishments to 19, according to the Ministry of Agriculture and Rural Development’s National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD).
After a temporary halt of operation due to the Covid-19 crisis, agricultural and aquatic products export businesses have worked at their full capacity to meet customers’ orders from the beginning of this year.
The total export turnovers of Vietnam since January 2022 has reached US$39,58 billion, an increase of 2.7 percent compared to last year, showing positive signals to the national economic recovery. However, many domestic enterprises are still concerned about the current dual pressure of fuel price rise and technical barriers to trade (TBT).
Right on the first day coming back from Tet holiday, businesses all over the country confidently restarted their daily operations to process previously received orders. With such a high spirit, many companies expect to reap more profit this promising year.
As a driving force of economic growth, enterprises should be more proactive in building production and business plans in the new situation given complicated developments of the Covid-19 pandemic, Minister of Industry and Trade Nguyen Hong Dien has said.
Vietnam Customs yesterday announced that because of time reduction in customs clearance procedures for import and export goods, Vietnamese businesses have been able to save over US$3.28 billion in both direct and indirect costs. This is the result of the survey ‘Cross-border Commercial Transaction Index 2020’ for trading environment improvement, national competitiveness increase.
The growth of processed seafood output in Vietnam will reach over 6 percent a year by 2030 under a national seafood processing development strategy for 2021-2030 which has been approved by the Prime Minister.
The Vietnam Association of Seafood Exporters and Producers (VASEP) and the World Bank (WB) in Vietnam on August 10 released “A Trade-Based Analysis of the Economic Impact of Non-Compliance with Illegal, Unreported and Unregulated Fishing: The Case of Vietnam”.