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| Since the beginning of the year, fruits and vegetables have had the most impressive growth among Vietnam's key export groups. (Source: Industry and Trade Newspaper) |
Official import and export of goods exceeds 500 billion USD mark
According to the latest data from the General Department of Customs, by mid-October, the country's import-export turnover reached approximately 523 billion USD.
Specifically, from October 1 to 15, the country's exports reached 14.2 billion USD. Among Vietnam's main export groups, there were 4 groups with turnover of 1 billion USD or more in the first half of October.
Leading the way are phones and components with 2.55 billion USD, thereby raising the turnover from the beginning of the year to October 15 to 41.47 billion USD. Next are computers, electronic products and components; machinery, equipment, tools, spare parts; textiles...
Accumulated from the beginning of the year to October 15, the country's export turnover reached 272.74 billion USD, down more than 24 billion USD compared to the same period last year.
Regarding products, it is noteworthy that in the first half of October (October 1-15), fruit and vegetable exports earned 349.52 million USD, thereby raising the turnover from the beginning of the year to October 15 to 4.56 billion USD, an increase of 75.4% over the same period last year, equivalent to an increase of nearly 2 billion USD.
Since the beginning of the year, fruits and vegetables have had the most impressive growth among Vietnam's key export groups.
Notably, in the last months of the year, fruit and vegetable exports continue to accelerate remarkably. According to Mr. Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association, in the remaining months of 2023, while durian in other countries in Southeast Asia is out of season, Vietnam still has durian growing areas in the Central Highlands that have not been exploited. This will be a great opportunity for the largest export item of the fruit and vegetable industry to continue to increase its turnover in the coming time.
Another item is also showing signs of easing difficulties. In 8 months, the country's textile and garment export turnover is estimated at 26.93 billion USD, down 15.6% compared to the same period in 2022.
The Ministry of Industry and Trade assessed that this decrease slowed down compared to the 16.89% decrease in 6 months compared to the same period in 2022; slowed down compared to the 17.62% decrease in 5 months, but increased by 2.55% compared to the first 8 months of 2019.
The world's textile and garment demand in 2023 is likely to decrease by 8-10%, which will strongly impact Vietnam's textile and garment exports this year and in the first months of 2024. The Vietnam Textile and Apparel Association (VITAS) assessed that Vietnam's textile and garment export turnover in 2023 is estimated to reach 40 billion USD, down 10% compared to 2022.
However, Vietnam’s textile and garment export and import activities are showing positive signs and are likely to recover in the coming months. It is known that recently, partners from Europe, Northeast Asia, Southeast Asia, etc. coming to learn about garment products have tended to increase rapidly compared to previous months. Exports to the US and EU markets have also improved.
On the other hand, goods imports in the first period of October reached 12.84 billion USD, thereby raising the total turnover from the beginning of the year to October 15 to 250.2 billion USD, down nearly 40 billion USD compared to the same period last year.
The results achieved in the first half of October brought the total import-export turnover of the country from the beginning of the year to October 15 to approximately 523 billion USD, with a trade surplus of 22.54 billion USD.
Previously, in 2022, the total value of Vietnam's import and export of goods reached 730.2 billion USD, an increase of 9.1% (equivalent to an increase of 61.2 billion USD) compared to 2021. Of which, the export value was 371.3 billion USD, an increase of 10.5%, equivalent to an increase of 35.14 billion USD compared to the previous year; the import value was 358.9 billion USD, an increase of 7.8%, equivalent to an increase of 26.06 billion USD. This is a record import and export level ever.
4 containers of pepper, cinnamon, and cashew nuts that were defrauded in Dubai have been recovered.
The Vietnam Pepper and Spices Association has just informed about 4 out of 5 containers of pepper, cinnamon, and cashew that were scammed in Dubai.
The information stated that on July 15, 2023, after receiving reports from a number of businesses that were defrauded of 5 containers of pepper, cinnamon, cashew and star anise in Dubai, the Vietnam Pepper and Spice Association coordinated with the Vietnam Cashew Association and businesses, banks, express delivery companies, and shipping lines to compile information and report the incident, including recommendations to government agencies, ministries, the Embassy and Trade Office of Vietnam in the UAE, the UAE Embassy in Hanoi, and press and television agencies.
After nearly 3 months of active work, with coordination and cooperation between the parties, from October 10 to 12, 2023, Ajman Bank (UAE) refunded the money to the businesses, the total amount of money that businesses were refunded for 4 shipments was 354,990.42 USD out of the total value of 355,232 USD of the shipment.
Regarding a shipment of star anise currently at Jebel Ali port since July 26, 2023, the enterprise is still working with Ajman Bank and requesting payment of all incurred costs including warehouse fees, lawyer fees, costs of returning the goods to the port of departure (Hai Phong)...
The Vietnam Pepper and Spices Association will continue to report and update the situation in the following days.
Ms. Hoang Thi Lien - President of the Vietnam Pepper and Spice Association shared that the results achieved today cannot be mentioned without the attention and timely direction of the Prime Minister, the focal role of the Ministry of Foreign Affairs along with the support and cooperation of relevant ministries and branches including: Ministry of Industry and Trade, State Bank, Ministry of Agriculture and Rural Development, Ministry of Transport, Ministry of Justice, diplomatic representative agency of Vietnam in the UAE including Ambassador Nguyen Manh Tuan and Commercial Counselor Truong Xuan Trung.
Vietnam wants to become a $1 billion drug export center
Vietnam aims to partially shift from generic to innovative drug production, becoming a regional pharmaceutical manufacturing hub with an export value of $1 billion.
The information was announced by Deputy Minister of Health Nguyen Thi Lien Huong at the Innovation Forum in the Healthcare Sector. October 18 in Hanoi.
"The national strategy is to develop the pharmaceutical industry and domestically produced medicinal materials to a high level, aiming to produce original branded drugs, drugs with new and modern dosage forms, biological drugs, striving to reach level 4 according to the classification and assessment of the World Health Organization (WHO)," said the Deputy Minister.
Vietnam aims to become a regional hub for high-value pharmaceutical production by 2030, with the export value of domestically produced drugs reaching about one billion USD.
Dr. Ta Manh Hung, Deputy Director of the Drug Administration, said that previously, the average drug price per capita in our country was less than 5 USD, but now the pharmaceutical industry basically meets the domestic drug demand, the average drug price per capita has increased to 70 USD.
Vietnam is considered one of the countries with the lowest rate of counterfeit drugs in the region. The rate of substandard drugs in recent years has remained low, below 2% of the total samples taken on the market. In the 1990s, the rate of counterfeit drugs on the market accounted for more than 10%.
"However, the pharmaceutical industry still has some unachieved goals. Nearly 90% of raw materials for drug production are imported. The rate of drugs assessed as bioequivalent is low, only about 10%," Mr. Hung said.
Regarding production, Vietnam has developed the number of enterprises, however, domestically produced drugs are not yet highly competitive. More than 200 enterprises mainly produce generic drugs (second generation drugs). The domestic market has more than 800 pharmaceutical substances in circulation, but the number of pharmaceutical substances produced by domestic enterprises is less than 50%. Therefore, one of the goals for the development of the pharmaceutical industry in the coming time is to partially shift from the production of generic drugs to invented drugs.
At the Forum, experts also recognized Vietnam as an attractive destination for multinational pharmaceutical corporations to establish pharmaceutical production and trading facilities, including establishing drug production facilities for export to other countries.
More than 17 million products of Vietnamese businesses sold on Amazon
In 2023, more than 17 million products of Vietnamese enterprises were sold on Amazon, export value increased by 50%, the number of sales partners increased by 40%...
The above information was shared by Mr. Gijae Seong, CEO of Amazon Global Selling Vietnam at the Amazon 2023 Cross-Border E-Commerce Conference on October 19 in Ho Chi Minh City. The conference attracted the attention of industry associations, startups and Vietnamese small and medium enterprises, state management agencies, and Vietnamese sales partners on Amazon.
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| In 2023, more than 17 million products of Vietnamese enterprises were sold on Amazon. (Source: VnEconomy) |
According to Amazon Global Selling, globally, products from third-party sellers, including Vietnam, account for 60% of total products sold on Amazon. Vietnam has emerged as a new manufacturing hub with the capacity to produce and supply a wide range of products.
In the 12 months to August 31, 2023, the 5 best-selling Vietnamese product categories on Amazon include: Home, kitchen, health and personal care, apparel, and beauty.
“Vietnam has advantages in production capacity, entrepreneurial spirit and strong digital transformation, and is facing a “golden opportunity” to participate and become an emerging link in the global e-commerce supply chain,” said Mr. Gijae Seong.
Mr. Gijae Seong also noted that sales partners need to strengthen branding and raise awareness of intellectual property protection in the online export industry, export standards in the host market...
In addition, in order to facilitate the exploitation of advantages and promote the driving force for success in online exports, Amazon Global Selling Vietnam has announced 3 strategic focuses in 2024.
Specifically, enhancing readiness for cross-border e-commerce in Vietnam by promoting cooperation with government agencies and strategic partners to equip knowledge and provide training for domestic small and medium enterprises; Promoting supply chain connectivity; Improving the quality and success of Vietnamese sellers through training, building and developing brands...
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