return icon

Global inflation threatens Vietnamese exports

Rising global inflation occurring in several major consumer markets such as the United States, Japan, and the EU, are putting increasing pressure on Vietnamese exporters.

global inflation threatens vietnamese exports picture 1
Global inflation negatively affects Vietnamese rice exports in the first half of the year. (Photo:

Since the end of May, exports activities conducted by Vietnamese enterprises in many key markets have shown signs of deceleration as a direct result of inflation.

According to a representative of a leading seafood exporter to Western countries, the impact of inflation around the world in the US, the EU, and Japan is forcing consumers to cut back on food spending, thereby affecting import demand.

Import enterprises have not cancelled orders, but instead have adjusted the delivery schedule from three to five months to wait for consumers to get used to new prices.

Another important factor is that the COVID-19 pandemic has largely been brought under control in most countries globally, meaning that importers are not in a hurry to sign contracts as they had been in late 2021 or at the start of the year. Due to these elements at play, Vietnamese seafood exports may continue to enduring difficulties moving into the second half of 2022.

According to Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), inflation in some markets will have a significant impact on the country’s seafood exports in the remaining months of the year.

However, he added that due to the strong growth of exports in the first half of the year, aquatic export turnover  is projected to hit US$10 billion, representing a growth rate of up to 12%.

Furthermore, the export of timber and wood products have also faced a number of challenges due to high inflation.

Rising inflation has led to Vietnamese exporters facing reduced orders from some foreign partners. As well as rescheduling deliveries, several importers have even canceled their orders. Many small businesses have lost contracts worth US$1 million to US$2 million, while other medium sized enterprises have faced canceled orders of up to US$5 million.

Le Van Luong, director of Dai Thanh Wood company, said that the peak export season of timber products has passed. In addition, the export situation in the third and fourth quarters has not shown any positive signs due to a lack of orders, with local firms not daring to accept orders from partners as they are afraid of cancelations.

Moreover, global inflation also negatively affected Vietnamese rice exports in the first half of the year.

During the first six months of this year, the average price of Vietnamese rice stood at US$489 per tonne, down nearly US$55 per tonne compared to the same period from last year.

In the first half of this year, the country exported 3.5 million tonnes of rice valued at US$1.7 billion.

The primary reason behind this is that the market is currently quiet and the summer-autumn rice harvest is underway, thereby causing the price of rice in the domestic market to drop slightly by VND100 to VND200 compared to the previous month.

Source: VOV


MPI: Growth scenario in 2023 of about 6.5 percent

Assessing that difficulties and advantages will be inextricably intertwined in 2023 but the difficulties will far overweigh the advantages.

HCMC welcomes first group of cruise ship tourists after Covid-19 pandemic

The Saigon Port Joint Stock Company, in collaboration with the Department of Tourism of Ho Chi Minh City and some units, on October 2, held a ceremony to welcome the luxury cruise ship Le Laperouse of Ponant (France).


Investigations on corruption cases to expand: official

Rock tales in Ganh Yen

Ganh Yen is located along the fishing village of Thanh Thuy in Binh Hai Commune, Binh Son District, Quang Ngai Province.


GDP growth to hit 8% this year in base-case scenario: Official

Doan Thien An crowned Miss Grand Vietnam 2022

Doan Thien An, 22-year-old beauty from the Mekong Delta province of Long An, was crowned Miss Grand Vietnam 2022 after surpassing 49 other contestants at the pageant finale in Ho Chi Minh City on October 1.

Vietnam’s GDP growth to be among the highest in SE as int’l organisations forecast

Vietnam’s GDP growth in 2022 and 2023 will be among the highest in Southeast Asian as shown in many international organisations’ forecasts and assessments on the Vietnamese economic outlook.

Amid global unrest, VN billionaires incur huge losses

Despite good news about the economy, including high growth rate and low inflation, stock prices have been sliding all over the globe.

Vietnam needs to expand airport network to relieve pressure on infrastructure

Vietnam ranks No.1 on the list of the 25 countries with the fastest post-pandemic recovery of the domestic aviation market.

Binh Duong lures foreign investors with special care

The southern province of Binh Duong has taken the lead for foreign direct investment (FDI) attraction thanks to its methods of taking care of investors.

Securities under pressure from external risks

Although the US Federal Reserve (FED) raised the interest rate in the hope of reducing inflationary pressure, it has come as a shock to see a rise in the core US inflation data, despite falling oil prices.

Unemployment rate falls, workers' incomes increase

According to the General Statistics Office's Report, the labor and employment situation in the third quarter of 2022 continued to recover.

The most expensive birds in Vietnam

Red-whiskered bulbs (Pycnonotus jocosus) with original colors are priced at VND500 million and tiny chickens with original colors sell for thousands of USD.

Drinks from dracontomelon: A popular heat-relieving drink in Hanoi

Sweet drinks made from ‘sau’, a fruit which is known scientifically as Dracontomelon, are a popular heat-relieving drink in Hanoi during the hot summer.

1,000 authors with doctoral degree or higher compiled textbooks for new academic year

As many as 1,574 authorities participated in compiling textbooks for six grades in accordance with the new general education program issued in 2018.