After the initiation of a trade deal between the United Kingdom and Vietnam, hopes of quick profits for many of the latter’s exporters have been dashed as industries continue to get to grips with implementation.
Sea freight rates continue to escalate as they track petroleum prices, pushing up export costs and thus reducing the competitiveness of Vietnamese goods, according to businesses.
The European Union has a large demand for imported agricultural products and, thanks to the EU-Vietnam Free Trade Agreement (EVFTA), Vietnamese businesses have a unique opportunity to take advantage of this.
Vietnam’s export turnover is forecast to surpass 315 billion USD this year, which, however, requires more drastic measures.
In the last 15 days of August 2021, Vietnam’s exports grew strongly compared to the first 15 days of the month.
According to Vietnam’s Trade Counselor in Germany Bui Vuong Anh, two-way trade between Vietnam and Germany reached $16 billion in 2019 and $15.2 billion in 2020.
Vietnam's exports of mobile devices and components in the first seven months have increased by 13.5 per cent on-year.
While demand for imported agricultural produce is high in Europe, the ongoing pandemic is causing problems for exporters in Vietnam and throughout Asia, leading to a possible disruption in supply.
Despite being significantly affected by the Covid-19 pandemic, Vietnam's agricultural, forestry and fishery exports still earned 28.6 billion USD in the past seven months, up 26.7% over the same period last year.
More Vietnamese goods are available on foreign supermarket shelves but enterprises still need to overcome a number of challenges if they want to enhance their brand image.
Vietnam’s import and export activities in May were affected by the fourth Covid-19 wave, but they still increased generally.
Vietnam’s exports this year could grow by 3-4 percent despite the COVID-19 pandemic, according to the Ministry of Industry and Trade (MoIT).
The agricultural production area of the winter crop in northern provinces was expected to increase by 20 per cent to meet the increasing demand from China, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong.
The export of many agricultural products, especially industrial crops such as pepper, rubber, tea, and cashew nuts, fell remarkably from January to July due to the COVID-19 pandemic.