Between January and November 2018, 1.2 million tonnes of Vietnamese steel products were exported to Cambodia for over 796 million USD, annual increases of 53.04 and 74.36 percent, respectively (Source: VNA) Hanoi (VNA) – Vietnam’s exports to Cambodia exceeded 3 billion USD last year, setting a record high in a decade and opening up opportunities for local firms to capitalise on untapped potential of the neighbouring market, statistics show. In the past three years, the value of Vietnamese shipments to Cambodia increased continuously from 2.2 billion USD in 2016 to 2.77 billion USD in 2017 and 3.4 billion USD in the first 11 months of 2018. According to the General Department of Vietnam Customs, during the January-November period last year, the export of steel, petroleum, and garment-textile products to Cambodia recorded significant increases and together accounted for the lion’s share of the country’s total, at 49.63 percent. Notably, 1.2 million … [Read more...] about Vietnam sees export, trade opportunities in Cambodian market
Vietnam biggest export
Vietnam footwear exports benefit from US-China trade spat
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 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
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