Global Rice News

October Export Turnover in Vietnam Expected to Reach $32.3 Billion with Positive Growth in Agricultural Sector

Hanoi, Vietnam – The export turnover in October is projected to reach $32.3 billion, indicating a 5.3% increase compared to the previous month’s 6.3% decrease. The positive signal is attributed to the impressive contributions of the agricultural sector, which saw a year-on-year growth of 18.3% with agro-fisheries products earning about $3 billion. This makes it the only commodity group to experience growth in the first ten months of 2023, with an estimated export turnover of $26.7 billion, a 3.8% increase from the previous year.

One of the products driving this high export turnover is rice. Đỗ Hà Nam, deputy chairman of the Việt Nam Food Association (VFA), explains that paddy prices in Vietnam are currently at record highs, resulting in domestic rice prices exceeding those for export. This phenomenon explains why Vietnam’s rice export prices continue to defy the global trend.

The Việt Nam Association of Seafood Exporters and Producers (VASEP) reported positive growth in tra fish exports in September, marking the first increase since the beginning of the year. Although the growth rate is only 1% compared to the same period last year, this development is a promising sign for the fisheries sector. China remains Vietnam’s largest importer of tra fish, followed by the United States.

To further boost import-export growth, the Ministry of Industry and Trade is actively negotiating new trade agreements and commitments. This includes completing and implementing a free trade agreement (FTA) with Israel, as well as signing other FTAs and trade deals with potential partners such as the United Arab Emirates (UAE) and the Southern Common Market (MERCOSUR). These initiatives aim to diversify markets, products, and supply chains.

The ministry is also taking steps to support businesses in leveraging commitments from signed FTAs, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the UK-Vietnam Free Trade Agreement (UKVFTA). This support includes disseminating information on rules of origin, facilitating the issuance of certificates of origin, and providing insights into opportunities and strategies for maximizing the benefits offered by these agreements.

In addition, the ministry is collaborating with the Ministry of Agriculture and Rural Development to negotiate with China for further market access to Vietnamese fruit and vegetable products, such as green grapefruit, fresh coconut, avocado, pineapple, star apple, lemon, and melon. Efforts are also being made to enhance the efficiency and speed of customs clearance at the border gates between Vietnam and China.

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