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| Hoa Binh exports first batch of Dien grapefruit to the United States. (Source: Industry and Trade Newspaper) |
Vietnam - US import and export exceeds 100 billion USD mark
According to the latest statistics of the Ministry of Industry and Trade, in the first 11 months of 2023, the United States was Vietnam's largest export market with an estimated turnover of 88.05 billion USD, down 13.1% over the same period last year, accounting for 27% of the country's total export turnover.
Imports from the US were estimated at 12.57 billion USD, down 6.4%. Thus, the trade surplus with this market was estimated at 75.45 billion USD, down 14.1% over the same period last year.
The decline in two-way import-export turnover is due to the general difficult situation in the world. It is forecasted that in the coming time, two-way import-export turnover will recover.
According to the Ministry of Industry and Trade, economic and trade relations between Vietnam and the United States have undergone a truly dramatic transformation in recent years. Since 1994, two-way trade turnover has continuously grown at a high rate, increasing more than 275 times, from about 450 million USD to 124 billion USD (in 2022).
The United States has been an important trading partner and a major export market for Vietnam for many years, accounting for nearly 30% of Vietnam's total export turnover to the world. In 2022, Vietnam became the 8th largest trading partner of the United States.
Recently, at the Plenary Session of the Vietnam - US Trade and Investment Council (TIFA), Deputy Minister of Industry and Trade Do Thang Hai affirmed that Vietnam always considers the US as a leading important trade partner. The Deputy Minister emphasized that issues related to intellectual property, digital trade and services, labor and agriculture will be the core contents of the pillars of economic and trade cooperation in the coming time, especially in the context that the two countries have agreed to upgrade their relationship to the level of Comprehensive Strategic Partnership.
Deputy Minister Do Thang Hai suggested that the two countries increase policy exchanges, consolidate strategic trust, and create a solid foundation to promote economic, trade and investment relations through the dialogue mechanism of the TIFA Council.
According to the Ministry of Industry and Trade, in the current difficult and challenging global economic context, the demand and consumer tastes in Vietnam's export markets in general and the United States in particular have seen many new trends and new demands, especially in terms of price, quality and requirements related to environmental protection, sustainable development, "green production" standards, and "clean and sustainable" supply chains.
Therefore, Vietnamese businesses are advised to quickly adapt to these changes. When exporting to the United States, businesses need to clearly define their product strategy, partners, and distribution channels.
At the same time, carefully study the regulations, export barriers, and the possibility of being involved in trade defense cases. Ensure that input materials have clear origins, do not affect the environment or use forced labor. In particular, gradually research and upgrade production facilities and factories according to "green production standards".
In addition, businesses need to actively participate in trade promotion programs, exhibitions, connect with relevant agencies, create prestige and build trust with US customers.
To develop the market, in addition to cooperating with importers and large distribution channels, businesses also need to apply a customer diversification strategy and actively seek niche markets to minimize risks.
Tablet export “misses deadline” with target of 1 billion USD
Vietnam's pellet exports have increased 28 times in volume and 34 times in value over the past decade, since 2013. In 2022, Vietnam exported 4.9 million tons of pellets, worth 790 million USD, up 30% in volume and 67% in value compared to 2021.
In early 2023, the Vietnam Timber and Forest Products Association (Viforest) set a target of 1 billion USD in pellet export turnover. However, after a "fever" period (2022), pellet exports declined in 2023.
According to Viforest, the export value of pellets in November 2023 only reached 58 million USD, the cumulative value in 11 months reached 597 million USD, down 14% compared to the same period in 2022. Thus, the target of exporting pellets to reach 1 billion USD this year has not come true.
The latest report by Forest Trends, titled “Vietnam’s Wood Pellet Industry: Current Situation and Future,” said that in the first three quarters of 2023, Vietnam’s pellet exports to the Japanese market reached 2 million tons, equivalent to nearly 82% of the export volume to this market in 2022. Meanwhile, the amount of pellets exported to South Korea in the same three quarters only reached nearly 1.3 million tons, equivalent to 56% of the export volume to this market in the whole year of 2022.
The decrease in the amount of Vietnamese tablets exported to South Korea is not due to a decrease in demand in this market, but because Korean enterprises import tablets from other sources, including Russia.
“In the Korean market, there is not much room for Vietnamese businesses to grow in the future. Currently, some Korean businesses, mainly small businesses, continue to buy pellets from Russia. Korea is the only country in the world that still uses supplies from Russia,” said Dr. To Xuan Phuc, Executive Director of the Forest Trend Forest Policy, Trade and Finance Program.
Some Vietnamese companies currently exporting tablets to South Korea said that major Korean buyers are starting to demand evidence of traceability. According to these companies, in the next 4-5 years, product traceability requirements will be mandatory for products exported to South Korea.
Regarding the Japanese market, Dr. To Xuan Phuc believes that the Vietnamese pellet industry still has the opportunity to expand its export market. Pellets exported to the Japanese market always require sustainability certification. According to pellet businesses, the demand for wood pellets in Japan will expand 3 times compared to the present. Currently, Vietnam is supplying about 80% of pellets for this market. The opportunity to expand market share here is huge.
Vegetables make a lot of money
The Vietnam Fruit and Vegetable Association forecasts that fruit and vegetable exports in 2023 are expected to reach about 5.5 - 5.6 billion USD. This is a record for this industry so far.
In November 2023, fruit and vegetable exports reached about 375.478 million USD, down 38.4% compared to the previous month (October 2023 reached 608.790 million USD) and up 22.5% compared to the same period in 2022. Thus, in 11 months of 2023, fruit and vegetable exports reached 5.2 billion USD, up 70% compared to the same period in 11 months of 2022.
China is still the leading market for importing Vietnamese fruits and vegetables, accounting for 66%, followed by the US, South Korea, Japan, etc.
On the other hand, in November 2023, Vietnam imported 153.696 million USD of fruits and vegetables, down 5.6% compared to October and down 0.7% compared to the same period. After 11 months, Vietnam imported 1.77 billion USD, down 5.8% compared to the same period. Thus, the trade surplus of fruits and vegetables in 11 months of 2023 reached over 3.4 billion USD.
Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that in the near future, Vietnam and China will sign a protocol for coconut, frozen fruit and watermelon products to shift from traditional exports to exports under the protocol. The Deputy Minister hopes that when these protocols are implemented, they will contribute more to agricultural exports in general and fruit and vegetable exports in particular.
Deputy Minister Phung Duc Tien also requested that businesses, localities, and industry associations pay special attention to the quality of raw material areas, traceability, growing area codes, and packaging facilities. As the market expands, industries need to strictly comply with signed protocols.
In the first 10 months of 2023, Vietnamese crabs brought in 161 million USD
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after a continuous decline in the first half of 2023, Vietnam's crab exports tend to recover in the second half of the year.
In October 2023, crab export turnover increased by 25% over the same period, reaching nearly 25 million USD. In the first 10 months of 2023, the export of this product group reached 161 million USD, down 14% over the same period last year.
Of which, 44% of export turnover is from Vietnam's main export items, which are salted, fresh and frozen crab and other crustacean products, with a value of nearly 61 million USD. Compared to the same period in 2022, Vietnam's exports of crab and other crustacean products all decreased, except for other processed products, which increased by 26%.
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| By the end of October 2023, Vietnamese crab and other crustacean products had been exported to 32 markets around the world. (Source: VASEP) |
Of which, the 5 enterprises with the most exports in the first 10 months of 2023 are Trung Son Long An, Trung Son Hung Yen, Trinity Vietnam, Seafood Vietnam and Trans Pacific Seafood Processing.
The export turnover of key products such as crabs, other salted crustaceans, fresh and frozen reached nearly 61 million USD, equivalent to 44% of the total export turnover of this group in 10 months.
By the end of October 2023, Vietnam's crab and other crustacean products had been exported to 32 markets around the world. In 2023, due to the impact of inflation, which limited consumer demand and orders, the export market for crab and other crustaceans from Vietnam was narrower than the same period.
Vietnam's crab and other crustacean exports to major markets still decreased compared to the same period, such as China and Hong Kong (China) decreased by 75%, France decreased by 41%, or the UK decreased by 23%... However, there were also some markets that increased imports such as Japan increased by 38%, the US increased by 2% and Canada increased by 22%.
Since the beginning of 2023, Japan has been the only country that has continuously increased its crab imports from Vietnam. Along with Japan, Canada has also sharply increased its crab imports from Vietnam for many months since the beginning of the year, with some months seeing triple-digit increases in exports to this country.
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