Order explosion
Export orders from the beginning of the year from businesses of vegetables, rice, coffee, etc. have brought expectations of a busy and effective business year, in the context of global trade in goods being forecasted to face many difficulties.
Mr. Nguyen Dinh Tung - General Director of Vina T&T Group Import-Export Company said that the company has just exported a shipment of durian to China, An Giang mango to the United States, Australia... The market signal is quite good, orders from traditional customers are still full.
Previously, in 2023, Vina T&T Group's exports increased by 40% compared to 2022, mainly fresh fruits such as durian, dragon fruit, mango, rambutan, longan, grapefruit, coconut... and were exported to many markets such as the United States, Australia, Europe, China. The company expects this year's export growth to remain at double digits thanks to favorable market signals.
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| Fruit and vegetable exports increased sharply in the first days of the year |
Regarding rice, Mr. Pham Thai Binh - General Director of Trung An High-Tech Agriculture Joint Stock Company (Trung An) excitedly shared that at the beginning of 2024, Trung An signed 6 orders with a quantity of 1,500 tons for 5 markets including: Europe (EU), UK, Malaysia, Dubai and Australia with the lowest price of 718 USD/ton and the highest price of 1,277EU/ton. All are FOB prices (prices at the border gate of Vietnam).
Sharing about the coffee export market, Mr. Nguyen Huy Hung - Sales Director of Phuc Sinh Joint Stock Company said that at the end of 2023, the company signed a contract to export coffee to new markets. Currently, coffee export orders are full until the end of the first quarter of 2024.
Currently, the company is continuously receiving delegations of visitors from many places around the world to learn about and buy Vietnamese coffee. Because our country's coffee has become the top choice of importers in the Robusta segment.
In fact, according to Mr. Thai Nhu Hiep - Vice President of the Vietnam Coffee and Cocoa Association, importers around the world are looking to Vietnam to buy coffee. Mr. Hiep said that in the past year, businesses in our country almost "emptied" their warehouses for export. This caused inventories to decrease sharply and 2023 was also the first time in history that by June, people had no coffee to sell.
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| Coffee exports receive many positive signals |
Mr. Thai Nhu Hiep also forecast that coffee exports in the 2023-2024 crop year could reach 4.5-5 billion USD thanks to coffee prices continuing to increase while output decreases.
There is still room for growth
The large number of orders helped the export turnover of these three groups of goods continuously increase rapidly in the first half of January 2024. According to preliminary statistics of the General Department of Customs, in the first half of January 2024 (January 1-15), the whole country exported 194,074 tons of rice, with a turnover of 134.57 million USD, an increase of 18% over the same period in 2023.
Compared to the same period in 2023, the amount of exported rice decreased by nearly 32,000 tons, however, the turnover increased by nearly 20 million USD. Regarding coffee, Vietnam's coffee exports in the first half of January 2024 reached 95,770 tons, with a turnover of nearly 283 million USD, up 0.3% in volume and 4.6% in turnover compared to the first half of December 2023; compared to the same period in 2023, it increased by 4.2% in volume and increased sharply by 39.7% in turnover. Particularly, vegetables and fruits had a more impressive growth rate when the country's fruit and vegetable exports in the first 15 days of January 2024 were estimated at 459 million USD. Compared to the same period in 2023, this figure is increasing by over 89% and compared to the previous month, it is over 12%.
Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that Vietnam has signed 16 free trade agreements (FTAs), of which 15 are currently in effect. Thanks to this, fruit and vegetable exports have an advantage thanks to tariff incentives, helping to improve the competitiveness of Vietnamese enterprises.
According to Mr. Nguyen, in 2024, the export of many agricultural products will continue to flourish thanks to the increasingly improved production, processing and supply capacity of our country. Vietnamese agricultural products are present in the markets of 190 countries, but in large markets, the market share is still quite modest. For example, in China, up to now, Vietnamese agricultural products only account for 5% of the total agricultural imports of this country of 1.4 billion people. Or in the US, EU, and Japan, there is still much room for growth.
After the success of fresh durian, frozen durian will be the next destination in 2024. Vietnam has completed the procedures and documents and is expected to be licensed to import by the Chinese market early this year. It is forecasted that durian export turnover will increase by 30% thanks to this item. Thus, durian will contribute about 3.5 billion USD to the export revenue of the fruit and vegetable industry, helping to bring the total fruit and vegetable export turnover for the whole year to 6.5 - 7 billion USD.
In addition, Vietnamese authorities are continuing to promote the official export of some agricultural products such as fresh coconuts to China.
Sharing about the rice export market, Mr. Pham Thai Binh said that in 2024, rice export will continue to be favorable because the world is short of 5 million tons of rice, rice importing countries such as Indonesia and the Philippines still have demand to buy and India is likely to maintain rice export restrictions in the coming time. In fact, Bulog has announced that it has signed a contract to import 1 million tons of rice out of the total additional quota of 1.5 million tons from 4 countries including: Thailand, Vietnam, Pakistan and Myanmar.
The Philippines, Africa, etc. have also planned to import rice. The Philippines alone is expected to import 3.5-4 million tons of rice in 2024. “Vietnam’s rice exports in 2024 can still reach the same volume as in 2023, but the value will be about 15-20% higher,” Mr. Binh affirmed.
According to calculations by the Ministry of Agriculture and Rural Development, in 2024, Vietnam can completely export over 8 million tons of rice while still ensuring food security. Meanwhile, with fluctuations in the world rice supply due to some countries such as India tightening exports, Vietnam's rice prices will continue to benefit, expected to bring in greater export revenue.
| Last year, rice, fruit, and coffee exports brought in over $14 billion in revenue, the highest ever. With a large number of orders, these industries could reach a revenue target of $17-17.5 billion this year. |
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