Vietnamese exporters are recording rising orders for rice, fruit and vegetables, and coffee at the beginning of 2024, signalling a vibrant year for Vietnam’s agricultural exports.
Vietnam has placed priority on ensuring a robust supply of petrol in 2024 to avoid any fuel shortages amid market fluctuations.
Petrol retail enterprises have struggled to keep their operations profitable as disruptions in the supply chain continue to persist.
Due to the anticipated market downturn, Vinatex predicts flat revenue and profit of just 86 per cent in 2023 compared to 2022.
In the context of a drop in textile and apparel orders, the purchasing power of the industry has diminished as a result of the economic recession and inflation. Truong Van Cam, general secretary and vice chairman of the Vietnam Textile and Apparel Association, explained to VIR’s The Hai why now is the time for textile producers to explore restructuring and investing in their facilities under a greener model.
Food ingredient production in Vietnam could have the potential to develop along with the food and beverage manufacturing and processing businesses servicing local and international markets.
August has become the month with the highest export value of iron and steel of all kinds, reached 1.53 million tonnes, worth nearly $1.5 billion.
The fourth wave of COVID-19 has severely affected the fruit and vegetable exports, reducing exports in August by 13.3 per cent compared to July.
In the first seven months, Vietnam exported $2.8 billion of goods to the United Arab Emirates (UAE), up 40.8 per cent on-year.
Exports of textiles and garments, leather and footwear in the first four months have soared due to the gradual recovery of some major export markets of Vietnam.
Despite the COVID-19 pandemic, Vietnam exported 9.86 million tonnes of steel worth $5.26 billion in 2020, up 47.9 per cent on-year. However, the average selling price dropped by 15.5 per cent to $533 per tonne.
Once the proposal of the Ministry of Industry and Trade (MoIT) is approved, the petrol and oil trading scene may see more foreign players.
This year, Vietnam is estimated to import $6.23 billion in pharmaceutical products and materials for production, $3.5 billion of which will be finished medicine, up $400 million on-year, according to statistics published by the Ministry of Industry and Trade.
After numerous rounds of negotiation, Vinamilk completed the purchase of 79.5 million shares in GTNFoods to increase its holdings to 75 per cent and indirectly own 51 per cent of the voting rights in Moc Chau Milk.
Due to the poor competitiveness of Vietnamese agricultural and livestock products, agriculture will be significantly impacted by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). However, it will also be a driving force for the institutional reform of Vietnamese agriculture.