Vietnam's exports are hampered by rising inflation in the economy
- 135
- Business
- 22:44 17/07/2023
DNHN - As a bright spot in the economy, Vietnam's exports are struggling due to rising global inflation and a decline in demand in many markets.
Several commodity groups, such as raw materials and industrial processing; Agricultural products have fallen precipitously, and key products with strengths, such as seafood and textiles, are "hungry" for orders, putting exporters at risk of losing their markets. Due to a lack of orders and a downward trend in commodity prices, the export turnover target for this year faces numerous obstacles.
Diversification of export markets is a matter of survival for businesses in the current environment, although the traditional markets of Vietnam will not be easily altered in one to two years.
It can be seen that Vietnam's seafood exports in the first half of the year totaled approximately USD 4 billion. Despite being equivalent to the same period last year, it raises many concerns for the completion of the $10 billion this year. In general, the export volume of seafood is still declining, but in recent months it has shown signs of stabilization and remains slow. In 2022, the import markets have shown signs of resolving their excess inventory. This indicates that new orders will increase shortly.
In addition, seafood, especially value-added products, are frequently in high demand during the holiday season. Additionally, the Chinese market has a stronger consumption capacity. In the meantime, some nations will conclude their harvests, so we hope that the situation of seafood exports in the final months of the year will improve rapidly.
Companies continue to monitor and assess the consumption situation of markets, primarily the United States. Alongside this is the question of how to produce sufficient materials for processing when the market recovers. Although the price is unsatisfactory to farmers, it is still possible to secure the raw material supply. Businesses must also be better prepared for 2024, which will be centered on providing farmers with cheaper inputs.
In addition to trade promotion and market expansion, the company continues to improve its quality through international certifications and a green economy to build brands and promote Vietnamese seafood.
Vietnam must significantly expand its export market because it has signed trade agreements with numerous countries. Vietnam's export activities with countries with which it has signed trade agreements are still modest and do not match their potential or expectations. Therefore, expanding the market is an issue that businesses must consider and for which they require the assistance of state agencies.
In addition, the problem facing businesses today is the domestic market, to which Vietnamese businesses have not paid sufficient attention; thus, they must determine how to approach the domestic market to export locally. Additionally, meeting domestic demand is a factor that businesses must consider.
Ngoc Phi (TH)
Related news
- Ben Tre - Eastern vision and potential for sustainable development
- Enhancing green credit efficiency: A new direction for sustainable economy
- The State Bank of Vietnam studies the roadmap to remove credit room
- Completion of the pre-feasibility study report for the North-South high-speed railway project
- Secretary of the Long An Provincial Party Committee: Entrepreneurs and businesses must follow the motto "3 musts - 3 dares - 3 increases"
- Two land rent reduction plans proposed to support businesses
- Transparent mechanism needed for renewable energy project development
- Small and medium enterprises have many advantages for green transition to access EU market
- Regulation on temporary exit suspension for tax debtors: Perspectives from the tax authority
- Prime Minister Pham Minh Chinh emphasized six key significances of the Fourth Industrial Revolution Center
- Why is it necessary to promote the process of green technology innovation in agriculture?
- Digital transformation in the retail industry – Towards sustainable development
- The banking sector sacrificed profits to support the economy
- The billionaire who donated 1 million USD to help Vietnam recover from the typhoon
- Practical applications of carbon credits in the economy. Part XXI:Carboncor Asphalt - An effective solution for Vietnam to achieve net zero emissions
- Ho Chi Minh City allocated funding to support small and medium enterprises in digital transformation
- Real estate businesses and macroeconomic challenges
- VINASME and VISA collaborated to promote financial solutions for small and medium-sized enterprises
- Vietnamese brands reaching international markets
- Hòa Phát Group leaders receive major pay hike during steel market crisis
Đọc thêm Business
Ben Tre - Eastern vision and potential for sustainable development
Ben Tre's Provincial Competitiveness Index (PCI) in 2023 saw a significant improvement, climbing six spots from 13th in 2022 to 7th place, positioning it 3rd out of 13 provinces in the Mekong Delta region.
The State Bank of Vietnam studies the roadmap to remove credit room
The State Bank of Vietnam (SBV) is considering a roadmap to remove the credit room mechanism as directed by the National Assembly and the Government.
Completion of the pre-feasibility study report for the North-South high-speed railway project
The 350km/h North-South high-speed railway project is urgently finalizing its pre-feasibility study report. The goal is to present it to the National Assembly for review.
Hodeco signs MOU on development cooperation with Korean partners
According to the memorandum of understanding, Hodeco is committed to strengthening close cooperation with its Korean partners, including Korea CEO Summit (KCS), Woo A Development, Korea Resources Development, Scale Technology, and Quynh Paris Co., Lt
Transparent mechanism needed for renewable energy project development
In the context of climate change and resource depletion, renewable energy has become a key element in sustainable development strategies.
Regulation on temporary exit suspension for tax debtors: Perspectives from the tax authority
To enhance debt collection efficiency, the combination of various enforcement measures, along with the application of modern technology, will be the key factor for success in Vietnam's tax management.
Prime Minister Pham Minh Chinh emphasized six key significances of the Fourth Industrial Revolution Center
Prime Minister Pham Minh Chinh highlighted six key significances of the Fourth Industrial Revolution Center (C4IR) at the inauguration ceremony of the C4IR located in the High-Tech Park, Ho Chi Minh City, which took place at noon on September 25.
3S Dealer "Nissan Tay Do Can Tho Showroom" Officially Opens
On the afternoon of September 24, 2024, the grand opening ceremony of the 3S Dealer "Nissan Tay Do Can Tho Showroom" took place at No. 09, 1B Street, Tay Do Cultural Center Resettlement Area, Hung Thanh Ward, Cai Rang District, Can Tho City.
The banking sector sacrificed profits to support the economy
To date, the credit market has recorded impressive growth, exceeding 6.9% compared to last year. This shows that banks are actively pushing capital into production and business.
Dongtam Group partners with CS Wind Corp to build a wind power equipment factory
Dong Tam Group (DTG) and CS Wind Corporation (CS WIND) have officially signed a Memorandum of Understanding (MOU).