Exports are on the rise again, challenges remain
Vietnam exported nearly two billion USD worth of aquatic products in the first quarter of 2024, up 7% year-on-year, the secretary general of the Vietnam Aquatic Products Producers and Exporters Association said on Thursday (April 25). Vietnam (VASEP), Truong Dinh Hoe.
>> The 1er record quarter for fruit and vegetable exports
>> Tra fish exports to the United Arab Emirates up 67%
>> The increase in bilateral trade Vietnam – Singapore
| View of the forum on growth drivers in 2024, in Ho Chi Minh City, April 25. |
| Photo: VNA/CVN |
This performance was due to the recovery of the global market, he explained during a forum on growth drivers in 2024 organized by i journal Nguoi lao dong (Workers), noting good growth in sales to the United States, China and Japan.
Exports of textile and clothing products also experienced an improvement during the first months of this year, even if they did not return to their level of previous years, noted the vice-president of the Textile and Clothing Association. Vietnam Clothing Company (Vitas) and Chairman of the Board of Directors of Thanh Cong Textile and Garment Investment Trading JSC, Trân Nhu Tung.
In the first quarter of 2024, exports of textile and clothing products reached around USD 9.5 billion, an increase of 9.6 percent compared to the same period of 2023, it said. Vietnam is the third largest exporter of textile and clothing products in the world, behind China and Bangladesh.
But the aquatics, textile and apparel sectors are not without challenges, ranging from increased production costs, logistics, environmental, social and governance (ESG) issues, to uncertainties related to disruption global supply chains and exchange rates.
Vietnam’s trade advisor to Saudi Arabia, Tran Trong Kim, spoke of the escalation of tensions in the Middle East, while the head of the Europe Bureau of the Europe-America Markets Department of the Ministry of Industry and Development Commerce Minister Le Thi Thanh Minh warned of the security crisis in the Red Sea which has forced shipping companies to change their routes, leading to increased costs and delays in deliveries.
To minimize impacts on exports, the Ministry of Industry and Trade recommended that companies diversify their markets, pay attention to force majeure clauses when signing contracts, choose adequate insurance and obtain information updates from the Ministries of Industry and Commerce, Foreign Affairs, and Transport.
VNA/CVN
