News

Export regains growth pace

06/11/2023    27

The export turnover in October is expected to reach 32.3 billion USD, up 5.3 month-on-month, showing a positive signal given the 6.3% decrease recorded in the previous month.

The agricultural sector continued to have impressive contributions to the export panorama. In the month, agro-fisheries products earned about 3 billion USD, up 18.3% year-on-year.

This is also the only commodity group to record growth in the first 10 months of 2023, with export turnover estimated at 26.7 billion USD, a year-on-year increase of 3.8%.

Rice is one of the products with a high export turnover in the period. Do Ha Nam, Vice President of the Vietnam Food Association (VFA), said that paddy prices in Vietnam are at record highs, pushing domestic rice prices higher than those for export. This is also the reason why Vietnam's rice export prices continue to go against the world tide.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in September, tra fish exports reported positive growth for the first time since the beginning of this year. Although the increase is only 1% over the same period last year, this is still a very good sign for the fisheries sector. Currently, China is Vietnam’s biggest tra fish importer, followed by the US.

To promote import-export growth, the Ministry of Industry and Trade is accelerating negotiations towards the signing of new trade agreements and commitments, including completing and realising a free trade agreement (FTA) with Israel, and signing other FTAs and trade deals with potential partners such as the United Arab Emirates (UAE) and the Southern Common Market (MERCOSUR) to diversify markets, products, and supply chains.

It will support businesses to take advantage of commitments in signed FTAs, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the UK-Vietnam Free Trade Agreement (UKVFTA) to promote exports, through dissemination on rules of origin, issuance of certificate of origin, and opportunities and ways to make the most of advantages brought about by these deals.

The ministry will also coordinate with the Ministry of Agriculture and Rural Development to negotiate with China to further open the market for other Vietnamese fruit and vegetable products such as green grapefruit, fresh coconut, avocado, pineapple, star apple, lemon and melon, while improving efficiency of and regulating the speed of customs clearance at border gates between Vietnam and China./.

Source: Vietnam Plus