Trade

(VEN) - Yarns and fibers significantly contribute to the export value of the Vietnamese textile and garment sector. Yarn and fiber exports are forecast to reach about US$3.9 billion in 2018, compared with US$3.59 billion in 2017.  Modern production lines enable STK to meet importer requirements Volume and value growth According to the Vietnam Textile and Apparel Association (VITAS), in the first quarter of 2018, Vietnam exported 337,000 tonnes of yarns and fibers worth US$914 million, up 14.2 percent in volume and 17.3 percent in value compared with the same period last year. VITAS forecast yarn and fiber exports would reach about US$3.9 billion by year’s end. VITAS Deputy Secretary General Nguyen Thi Tuyet Mai said yarn and fiber exports performed well in the early months of 2018, especially to the US, the Republic of Korea (RoK) and India. Two thirds of yarn produced in Vietnam is for export now. As a leading yarn and fiber exporter, the Century … [Read more...] about Yarn, fiber firms weave their way to export records

Cashew industry suffers from weaknessThe Saigon Times Daily A farmer is working on a cashew plantation in Binh Phuoc Province - PHOTO: TL HCMC – Vietnam is expected to remain the world’s No. 1 cashew nut exporter in 2018 with a global market share of 65%, but local cashew enterprises have operated inefficiently, facing numerous problems, including shortages of raw materials and thin profit margins, Nguoi Lao Dong newspaper reported. Citing a representative of the Vietnam Cashew Association (Vinacas), the newspaper said that as of May, Vietnam earned some US$1.4 billion from exporting 141,000 tons of cashew nuts, up 21.4% in volume and 25.35% in value. Vietnam’s cashew revenues are expected to reach US$3.7 billion in 2018, rising by US$80 million against last year. Mentioning difficulties in Vietnam’s cashew industry, Nguyen Duc Thanh, chairman of Vinacas, lamented that farmers and processors who spend a great deal of money and time on farming and … [Read more...] about Cashew industry suffers from weakness

(VEN) - The number of anti-dumping and anti-subsidy lawsuits by the US has doubled under the current administration, exposing imports from Vietnam and other countries to new challenges, deputy director of the Ministry of Industry and Trade’s Trade Remedies Authority Chu Thang Trung said recently. He spoke at the Vietnam-US Trade Forum held on May 18 in Ho Chi Minh City. “Not only products with high export volumes but even minor items face these lawsuits,” he told more than 300 delegates, including government officials, local leaders, and Vietnamese and US business executives. Deputy Minister of Industry and Trade Do Thang Hai said trade between the two countries had risen from US$220 million in 1994 (the year the US lifted its economic embargo against Vietnam) to US$50.81 billion last year, making the US Vietnam’s leading trade partner in the past decade. The two economies are complementary rather than competing. However Vietnam’s exports to the US … [Read more...] about Vietnamese exporters updated about expanded US protectionism

Chinese and Thai produce top Vietnamese imports of fruit and vegetablesThe Saigon Times Daily HCMC – Vietnam’s total import expenditure on fruits and vegetables exceeded US$600 million, or VND13.6 trillion, in the past five months, with Thailand and China remaining the country’s largest suppliers, VnEconomy newspaper reported. Data from the General Department of Vietnam Customs showed that the country imported US$384 million worth of fruits and vegetables from Thailand and China, accounting for 64% of the total. This means the Vietnamese people spent over VND58 billion per day on produce from the two countries. In particular, Vietnam imported US$274 million worth of mostly Thai fruits and some vegetables, including mango, dragon fruit, rambutan, jackfruit, durian and longan. Meanwhile, US$110 million was spent on Chinese produce, such as carrots, cabbage, potatoes, pomegranates, pears, plums and grapes, over the past five months, increasing the country’s … [Read more...] about Chinese and Thai produce top Vietnamese imports of fruit and vegetables

(VEN) - Associate Professor Pham Tat Thang from the Trade Research Institute under the Ministry of Industry and Trade talked about Vietnam’s export growth in an interview with Hoang Chau of Vietnam Economic News. Vietnam’s export turnover has experienced spectacular growth. How do you view the results? Exports have been a bright point in Vietnam’s economic picture in recent years. Total export turnover reached US$214 billion in 2017, compared with US$176 billion the year before. In addition to traditional markets, Vietnamese businesses have exported their goods to new ones. The difference in export turnover between traditional and new markets is not too big, while the structure of export goods has changed with an increase of high added-value items such as computers, telephones and electronic chips. Vietnam’s trade balance has had a spectacular reversal. In 2017, the country achieved a trade surplus of US$3.9 billion, helping Vietnam’s foreign … [Read more...] about Export growth could reach 20 percent in 2018: Expert