Foreign trade

Hanoi, September 12 – A sharp rise has been recorded in foreign trade over the past few months, and if this upward trend is sustained, this year’s foreign trade turnover is likely to break the record of 732 billion USD set in 2022.

With strong export growth recorded in key agricultural products during the first eight months of the year, the Vietnamese agro-forestry-aquatic sector is likely to rake in US$55 billion this year, according to the Ministry of Agriculture and Rural Development (MARD).

HANOI – Passion fruits have become the fifth kind of Vietnamese fruits to be officially exported to Australia, following mango, longan, lychee, and dragon fruit.

Vietnam exported 8,186 tonnes of cinnamon worth US$22.9 million in August, down 1.7% in value against July, reported the Vietnam Pepper and Spice Association (VPSA).

According to Lao media, two-way trade between Vietnam and Laos reached 1.1 billion USD in the first seven months of 2024, up 16.7% over the same period last year.

In June, the Vietnam Trade Office in Pakistan mobilised and directly led a delegation of Pakistani businesses to participate in the 2024 International Supply Chain Connection event in Ho Chi Minh City.

HANOI - The official visit to Russia by National Assembly Chairman Tran Thanh Man, which will see the top legislator co-chairing the third session of the Vietnam-Russia Inter-Parliamentary Cooperation Committee, is expected to create new momentum for bilateral trade – a highlight in the two nations’ relationship since they established diplomatic ties in 1950.

Hanoi – Fresh coconuts, a burgeoning contributor to Vietnam's agricultural exports, are poised to make a substantial impact on the nation's economy through increased shipments to China, according to officials.

Vietnam earned US$6.3 billion from exporting aquatic products during the opening eight months of the year, an annual rise of 9%, reported the Vietnam Association of Seafood Exporters and Producers (VASEP).

Vietnam's fruit export revenue hit US$4.63 billion in the first eight months of 2024, representing an increase of 30.6% compared to the same period last year, thanks to the opening of several key markets.

Vietnam’s total import-export revenue hit US$511.11 billion in the first eight months of the year, representing a year-on-year rise of 16.7%, the General Statistics Office (GSO) said on September 6.

Vietnam has racked up a trade surplus of nearly US$15.5 billion, with total import and export turnover by mid-August reaching US$473 billion, up nearly 17% year on year, according to the General Department of Vietnam Customs.

Vietnam has imposed an anti-dumping duty on polyester filament yarn imports from India, Indonesia, Malaysia and China, according to the Trade Remedies Authority of Vietnam at the Ministry of Industry and Trade.

Hanoi - Vietnam exported 6.16 million tonnes of rice in the first eight months of this year, up 5.9% over the same period last year, the Ministry of Agriculture and Rural Development (MARD) has said.

The United States surpassed China to become the largest export market for Vietnam’s agricultural, forestry, and fishery products in the first eight months of this year, according to the Ministry of Agriculture, Rural and Development (MARD).

Instead of traditional markets, textile and garment enterprises are striving to seek new markets for their products to diversify their market and increase profits.

With Vietnamese passion fruit to be licensed to enter the United States shortly, the export of this fruit to this market is expected to bring back between US$50-100 million, according to industry insiders.

Vietnam has recorded US$11.8 billion in agro-forestry-fisheries trade surplus over the first eight months of 2024, surging 68.4% year on year, reported the Ministry of Agriculture and Rural Development (MARD).

Border import and export activities have been relatively brisk, with import and export turnover through major border gates nationwide seeing constant growth.

(VEN) - Tariff preferences under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have given a significant boost to Vietnamese seafood exports to Australia.

HÀ NỘI — Việt Nam’s passion fruits are moving closer to gaining certification to enter the US market after the two countries reached an agreement on technical requirements.

Hanoi - Electronics export has witnessed vigorous recovery, posting double-digit growth over seven and a half months and expected to hit 130 - 132 billion USD in 2024.

Vietnam was the second largest provider of whitefish, mainly tra fish (pangasius), to the United- States during the first half of the year, with turnover reaching US$184 million, accounting for 21% of total US import turnover of the product, according to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP).

With local businesses taking full advantage of various free trade agreements (FTAs), the leather and footwear industry is projected to fulfill the export goal of between US$26 billion and US$27 billion this year, according to details given by insiders.

HÀ NỘI — The Việt Nam Coconut Association has forecast that coconut exports will hit US$1 billion this year, driven by the signing of a protocol for official export of fresh coconuts to China.

HÀ NỘI — Việt Nam's wood and timber exports are projected to reach US$20 billion by 2025 and $25 billion by 2030.

Hanoi - China’s allowance of Vietnam's frozen durian, fresh coconut and crocodile exports is expected to brighten up the outlook of exports to the country.

As per Decision No 2226, the allocation of import tariff quotas for sugar (HS code 17.01) this year, totaling 126,000 tonnes, will be conducted through auctions carried out in September.

Vietnamese timber and wood product exports from January to August 15 surged by 24% to reach US$9.5 billion against the same period from last year, according to the General Department of Vietnam Customs.

Accounting for over 7% of the market share, the nation currently makes up the world's third largest seafood exporter, behind only China and Norway, according to industry insiders.