According to customs statistics, Vietnam’s footwear exports in the first nine months of this year were worth $11.74 billion, a 10.2 percent year-on-year increase. Its exports to China in the period have risen by 28.5 percent, to Japan by 14.7 percent, and to the U.S. by 13.5 percent. Vietnam is the second biggest exporter of footwear to the U.S. behind China, shipping 404 million pairs of shoes last year. The upward trend is likely to continue, too, as rising wages in China increase the cost of goods produced there and the country is thus directing more of its manufacturing resources toward higher-priced goods like electronics, according to the global footwear news outlet Footwearnews (FN). Foreign companies are moving to other countries like Vietnam to cut cost. Adidas CEO Kasper Rorsted told Reuters last May that his company is shifting sourcing of footwear from China to Vietnam. Vietnam has in fact overtaken China as its top supplier, with Vietnamese factories producing … [Read more...] about Vietnam footwear exports benefit from US-China trade spat
Vietnam biggest export
Vietnam tea exports ranked fifth worldwide
Vietnamese women working on a green tea field (Photo: VNA) Hanoi (VNA) – Vietnam is now the seventh biggest tea producer in the world and the fifth biggest exporter of the product. According to the department of farm produce processing and market development under the Ministry of Agriculture and Rural Development, more than 500 tea factories are operational in the country. Together they produce more than 500,000 tonnes of dried tea leaves annually. Despite the high production, the export value of Vietnamese tea products is half the average global price. The main cause of this is that Vietnamese tea products are yet to meet standards set by foreign importers. Vietnam shipped 34,000 tonnes of tea overseas for 54 million USD during January – April, a decrease of 10.2 percent and 3.6 percent, respectively, from the same period of 2017. Prices of exported tea in the first quarter averaged 1,546 USD per tonne, up 7.5 percent year on year. The biggest buyers of Vietnamese … [Read more...] about Vietnam tea exports ranked fifth worldwide
Phones and electronics overtake textiles as biggest export earners
Phones and electronics overtake textiles as biggest export earnersHung Le Workers make garments at a factory in Vietnam. Mobile phones/phone components, and computers/electronics/accessories are now the nation’s biggest export earners, surpassing the apparel industry - PHOTO: HUNG LE HCMC – Mobile phones/phone components, and computers/electronics/accessories have overtaken textiles and garments as the nation’s biggest export earners. Data of the General Department of Vietnam Customs shows that textiles and garments registered total export revenue of US$2.15 billion in May, up 1.6% against April, but the figure was lower than export earnings of the computers/electronics/accessories group which obtained US$2.5 billion, up 11.6% against last month. Exports of the computers/electronics/components group which often came in third in the past few years have leapfrogged the apparel sector, becoming the country’s second biggest export earner. According to the … [Read more...] about Phones and electronics overtake textiles as biggest export earners
China usurps US as Vietnam’s top export market
China has overtaken the U.S. to become Vietnam's biggest export market, according to reports. The shift happened last year after the U.S. started adopting several trade protectionist policies, and China started boosting trade and investment in Southeast Asia, Bloomberg reported on Wednesday. The U.S. had been Vietnam’s top export market since 2002 before being taken down by China last year, Bloomberg said. Vietnam’s exports to China surged about 15 times to $50.6 billion compared with a fourfold increase to the U.S. to $46.5 billion in the decade through 2017, according to statistics from the International Monetary Fund, as cited by Bloomberg. The trend has persisted this year with Vietnam’s shipments to China increasing by 33.5 percent in Q1 compared to the same period last year, as opposed to a 20 percent jump to the U.S., according to data from the General Statistics Office of Vietnam. “The center of trade for Asia has clearly shifted to China … [Read more...] about China usurps US as Vietnam’s top export market
Import demand continues boosting Vietnam’s rice export
Farmers dry unhusked rice in Hong Dan district, the Mekong Delta province of Bac Lieu (Photo: VNA) Hanoi (VNA) – High rice import demand from Vietnam’s major markets in the second quarter is expected to help exporters continue good overseas shipments in the first three months of this year. Some foreign news sources reported that in late March, the State Logistics Agency of Indonesia (Bulog) signed contracts to purchase 300,000 tonnes of rice from Vietnam and 200,000 tonnes from Thailand. This is the third time Indonesia has imported rice since the beginning of 2018. Chairman of the Vietnam Food Association (VFA) Nguyen Ngoc Nam confirmed the report, saying that Bulog invited the Vietnam Northern Food Corporation and the Vietnam Southern Food Corporation to supply the rice. This contract will be carried out from April to July this year. The Philippines, another major market, is also planning to import rice in large amounts in the second quarter, the VFA said, adding … [Read more...] about Import demand continues boosting Vietnam’s rice export