Honey exports

Tra fish processed for export (Photo: VNA) Hanoi (VNA) – Vietnamese enterprises should take advantage of online marketing channels, re-arrange production and business orientations and strategies, and bring into full play advantages brought by free trade agreements if they want to achieve sustainable export growth , according to insiders. Statistics of the Ministry of Industry and Trade (MoIT) shows that Vietnam’s import-export value reached 95.8 billion USD in the first two months of 2021, up 24.5 percent year-on-year. Of the total, exports were valued at 48.55 billion USD, up 23.2 percent, and imports 47.26 billion USD, up 25.9 percent. During January-February, Vietnam enjoyed a trade surplus of 1.29 billion USD, down from the 1.8 billion USD seen in the same period last year. The domestic sector posted a trade deficit of 4.14 billion USD, while the FDI sector, including crude oil, saw a trade surplus of 5.43 billion USD. At the Government’s February regular meeting, MoIT Minister Tran Tuan Anh set a target of 4-5 percent in export growth in 2021. To that end, MoIT Deputy Minister Cao Quoc Hung said that the ministry is considering a new strategy on import-export activities in the coming time to be submitted to the Prime Minister for issuance. In addition, the ministry will continue engaging in negotiations and perfecting relevant institutions on free trade agreements (FTAs), including issues related to the rule of origins so as to help business better optimize advantages of the agreements. It will also consolidate and expand export markets, bring into full play opportunities brought about by existing FTAs, diversify import and export markets, diversify exported products, increase the competitiveness of exported products, and develop brands so as to achieve sustainable export development, Hung added./. VNA …

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Addressing the event, Nguyen Hoai Bao, member of the HAWA executive board, emphasised that despite export activities facing numerous difficulties caused by the impact of the novel coronavirus (COVID-19) epidemic, the Vietnamese wood industry raked in over US$13 billion last year. Most notably, exports to the US market enjoyed a surge of 34% to over US$7 billion compared to 2019, meaning the US has become the leading export market of the domestic wood and handicraft sector. Despite these positives, Bao explained that the US is one of the markets that has set the strictest standards in terms of origin traceability and legality of wood products, thereby forcing local businesses to regularly update the legal system and related regulations as a means of avoiding trade risks and to fully tap into the fastidious market. Julie Hundersmarck, a specialist at the US Forest Service International Programs, emphasised that despite facing fierce competition from a variety of regions, US importers have a preference to do business with suppliers from Asia, including Vietnam. Indeed, moving forward the US Forest Service has initiated plans to assist the country in controlling the origin and legality of wood products which are exported to the US in order to ensure sustainable development. Last year saw the sales of furniture products in the US reach US$115 billion, with this figure forecast to hit US$143 billion over the next five years. Experts have also pointed out that the level of consumer spending on furniture products is projected to increase moving forward, despite the outbreak of COVID-19, noting that local manufacturing firms must be sensitive when selecting investments. As such, they should regularly be introducing fresh products and developing additional trade channels in order to attract customers in an effective manner. …

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According to data released by the United States International Trade Commission, during the opening 11 months of last year, the US’ imports for wooden furniture endured a decline of 0.6% to US$16.8 billion compared to the same period from 2019. Vietnam remained as the largest supplier of wooden furniture to the United States throughout the reviewed period, with the export turnover reaching US$6.26 billion, a rise of 30.9% on-year. The proportion of imports from the country accounts for 37.2% of the total import value, up 9% compared to last year’s corresponding period. Most notably, Vietnam is the largest market for bedroom furniture for the US, making up 49.7% of the US’ total import value, followed by Malaysia, China, and Indonesia. Nguyen Liem, chairman of Lam Viet Joint Stock Company, attributed this increase in US demand for wooden furniture to the impact of the novel coronavirus (COVID-19) pandemic as it has forced many Americans to remain indoors and focus on activities such as renovating their homes and purchasing new furniture. He emphasised that Vietnamese wood brands in the US market have significantly improved in recent years due to American people being willing to purchase Vietnamese wooden furniture at more expensive prices over similar products from the Chinese market. Do Xuan Lap, chairman of the Vietnam Timber and Forest Products Association, pointed out that the wood industry’s strategic export products in the US market will be kitchen cabinets and bathroom cabinets. Due to this, Lap advised local firms to be aware of market changes and appropriate product strategies, while enhancing their competitiveness to deeper penetrate into the global supply in order to increase exports to the demanding market. …

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