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Tag: export

  • Rice exports rise despite stockpiling amid pandemic

    Rice exports rise despite stockpiling amid pandemic

    Vietnam’s rice exports grew by 9.3 percent last year to $3.07 billion though it stockpiled the grain to ensure food security after Covid-19 broke out.

    But volumes were down 3.5 percent to 6.15 million tons since the country stopped exports for over two weeks in March and April to ensure adequate domestic supply amid the pandemic.

    The average price rose by 13.3 percent from the previous year to $499 per ton, the highest in years, the Ministry of Industry and Trade reported.

    Vietnamese farmers and exporters are focusing on quality and getting higher prices by meeting import standards in markets like the E.U., South Korea and the U.S., it said.

    Eighty-five percent of the country’s exports last year were considered to be of high quality, according to the General Statistics Office.

    In 2019, Vietnam was the world’s third-largest rice exporter behind India and Thailand with shipments of $2.81 billion. Its biggest buyer was the Philippines.

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  • Shrimp exports to rise 15 pct

    Shrimp exports to rise 15 pct

    Vietnam has advantageous conditions to increase shrimp exports by 15 percent year-on-year to top $4 billion in 2021, industry insiders say.

    Global demand has remained stable while other shrimp exporting countries have not recovered from pandemic impacts, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    China is the biggest shrimp producer in Asia, yet it lacks shrimp supply for processing and consumption.

    Vietnam’s shrimps will benefit from tariff cut under new-generation FTAs that the country has signed.

    However, Vietnamese shrimp exported will have to face strong competition from India, where low production costs make its export prices more competitive, according to the Agro Processing and Market Development Authority.

    China has imposed import restrictions based on quality, quarantine, and procedural issues which can result in a plunge in shrimp exports to the neighboring giant.

    Shrimp exports are set to increase by 12.4 percent in 2020 to $3.78 billion despite the major impact Covid-19 has had on the seafood industry.

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  • US doubles purchase of Vietnamese mangoes

    US doubles purchase of Vietnamese mangoes

    The U.S. has imported double the quantity of Vietnamese mangoes in Jan-August 2020, showing potential for further growth in this market.

    The value of mango imports rose 99.9 percent year-on-year to $2.79 million, according to a report by the Agency of Foreign Trade under the Ministry of Industry and Trade, citing U.S. official figures.

    The average import price was $2,064.8 per tonne, up 6.7 percent year-on-year. Most of the imports were of fresh and frozen fruit.

    In terms of volume, Vietnam was the 12th largest mango import market for the U.S. in the said period, accounting for 0.3 percent of the total.

    The Agency of Foreign Trade said the large demand for mango, especially fresh fruit, in the U.S. is an opportunity for Vietnamese companies to expand.

    However, they need to ensure all strict standards on farming, packaging, and origin tracing are met, it added.

    Vietnam exported its first batch of mango to the U.S. in April last year.

    The surge in Vietnam’s mango exports to the U.S. is a rare bright spot in the nation’s plunging fruits exports scenario, primarily as a result of the Covid-19 pandemic.

    In the first nine months, fruit export value fell 19.1 percent year-on-year to $1.7 billion, with shipment figures of lychees, durians, and bananas plummeting, the agency said.

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  • Vinamilk signs $20 mln Dubai export contract

    Vinamilk signs $20 mln Dubai export contract

    Vinamilk has signed a $20 million deal with a distributor in Dubai to supply dairy products from the second quarter of 2020.

    Vietnam’s biggest dairy company said in a statement that the deal with the distributor, whom it did not identify, was signed at the Gulfood Dubai 2020 trade exhibition this week.

    The Middle East currently accounts for 75 percent of Vinamilk’s exports. Its other major foreign markets are Japan, South Korea, Singapore, and China.

    Vinamilk, one of the world’s 50 largest dairy producer, saw its export revenues rise 14.8 percent last year to VND5.17 trillion ($223 million).

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  • Fruits exports to China plunge

    Fruits exports to China plunge

    Vietnam’s fruits exports to China in the first 11 months fell 13.7 percent year-on-year on the latter imposing more stringent conditions.

    Among total fruit exports to China worth $2.08 billion, coconut export value fell 34.9 percent year-on-year, while that of watermelon dropped 24.6 percent, according to the Agricultural Products Processing and Development Department (Agrotrade).

    The export value of other fruits like durian, dragon fruit and mangosteen also fell, the department said.

    Tighter import restrictions by China, the largest buyer of Vietnamese fruits, took effect on May 1, and this has led to a drop in prices, Agrotrade said.

    But thanks to rising exports to the U.S., South Korea and Japan, fruits exports in the first 11 months fell only 0.6 percent year-on-year to $3.5 billion, it added.

    The Ministry of Agriculture and Rural Development estimates Vietnam’s exports of agriculture, forestry and seafood products this year at $41.3 billion this year, short of the $43 billion target.

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  • Vietnam suspects $4.3 bln worth of aluminum imported for origin fraud

    Vietnam suspects $4.3 bln worth of aluminum imported for origin fraud

    Vietnamese authorities suspect $4.3 billion worth of aluminum has been imported with the intent of being exported to the U.S. relabeled as made-in-Vietnam products.

    Vietnam Customs recently discovered signs of origin fraud in 1.8 million tons of aluminum imported by Global Vietnam Aluminum Ltd in the central Ba Ria-Vung Tau Province.

    General Director of Customs Nguyen Van Can say at a press briefing Monday that although the company has a production chain to produce aluminum bars, it was still importing billions of dollars worth of the same products from China and other countries, possibly because it wants to gain from the different duties the U.S. imposed on them.

    The U.S. imposes a duty of 15 percent on Vietnamese aluminum, but up to 374 percent on Chinese aluminum.

    Apart from China, the company also imported aluminum from Mexico, Australia and Russia to be exported to Canada, the U.S., Egypt and India.

    However, data from Vietnam Customs show that although the company has been importing 488,000 tons a year since 2015, the volume of its exports is only 80,000 tons or 16.3 percent of imports.

    For this reason, the 1.8 million tons of aluminum remain in the company’s storage space and is being closely surveilled by Vietnam Customs.

    Vietnamese authorities are increasing scrutiny on product origins and tightening issuance of a certificate of origin for exports as part of efforts to stop trade fraud, Deputy Minister of Trade and Industry Tran Quoc Khanh said in July.

    Vietnam recorded a trade surplus of $37.9 billion with the U.S. from January to October, up 33.4 percent year-on-year, according to the General Statistics Office.

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  • Vietnam’s exports to Japan increase rapidly in Q1

    Vietnam’s exports to Japan increase rapidly in Q1

    Elimination of many tariff lines for goods under the CPTPP has helped Vietnam’s exports to Japan increase sharply in the first quarter of this year, according to the General Department of Customs.

    Vietnam’s export value to Japan in the first quarter surged 6.7 per cent year on year to US$4.6 billion, the general department said. Việt Nam became one of three markets gaining an export value in the billions of US dollars to Japan, after the US and China.

    In March 2019 alone, the export value to Japan reached $1.7 billion, a sharp increase of 62.3 per cent month on month and a surge of 2.7 per cent year on year.

    The strong growth in Vietnam’s export value to Japan was attributed to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). According to this agreement, Japan for the first time has pledged to completely eliminate tariffs for the majority of Việt Nam’s agricultural and seafood products exported to this market.

    That meant Japan immediately abolished 86 per cent of tariff lines, equivalent to 93.6 per cent of Việt Nam’s export value to Japan, and then this figure will increase to 90 per cent of tariff lines within five years.

    On the other hand, the Việt Nam-Japan and ASEAN-Japan free trade agreements have created advantages in tariffs for some of Việt Nam’s seafood products exported to Japan.

    About 62.5 per cent of Vietnam’s total goods items exported to Japan in the first quarter gained strong growth compared to the same period last year, according to the general department.

    The major export products to Japan included textiles (export value of about $900 million), means of transport and spare parts ($630 million), machinery and equipment ($450 million) and seafood products ($306 million).

    Especially, the fertiliser exports to this market had a sudden growth in the first quarter of 2019 to 8,126 tonnes, earning $3.7 million. The exports rose up by five times in volume and about 11 times in value year on year.

    In addition, Vietnam saw strong growth in exports of some goods to Japan in the first quarter, including chemical products (up 70 per cent), animal feed and raw materials (up 56.8 per cent), ore and minerals (up 52 per cent), all kinds of steel (up 49 per cent) and plastic materials (up 43 per cent).

    Meanwhile, Japan sharply reduced imports of cassava and cassava products from Vietnam, with a reduction of 99.6 per cent in volume and 98.5 per cent in value over the same period, despite the average export price of cassava surging by 3.3 times to $886 per tonne.

    In 2018, Vietnam’s goods export value to Japan reached more than $18.8 billion. Textiles and garments accounted for the largest proportion with over 20 per cent of the total export value. Meanwhile, seafood, furniture and footwear respectively hold 7.4 per cent, 6.1 per cent and 4.5 per cent.

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  • DBS Partners Sinosure for BRI Projects

    DBS Partners Sinosure for BRI Projects

    DBS Group has signed a cooperation agreement with China Export & Credit Insurance Corporation, adding to the list of banks that are partnering Sinosure for projects under the Belt Road Initiative.

    DBS Group Holdings on Monday announced that it has partnered with Sinosure, the only state-funded Export Credit Agency conducting export credit insurance business in the People’s Republic of China. It joins OCBC Bank, who last week announced a similar partnership agreement.

    «Through signing the cooperation agreement with Sinosure, we will strengthen our partnership and increase the depth of our business with mainland China by facilitating project finance, and investment and trade opportunities especially with partners in ASEAN. We look forward to helping companies capitalize on the numerous business opportunities offered under BRI,» said DBS Singapore Country Head Shee Tse Koon.

    Under the cooperation agreement, DBS and Sinosure will collaborate on projects under the Belt and Road Initiative, especially those from ASEAN, by leveraging each other’s strengths in trade and investments and in-market experience.

    Sinosure will provide credit insurance for DBS’ mid and long-term financing activities for projects in the fields of marine engineering, infrastructure construction, energy, chemicals and textiles, aerospace, as well as services and technology.

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  • Vietnam’s Q1 coffee exports down 15.3 percent on-year

    Vietnam’s Q1 coffee exports down 15.3 percent on-year

    Vietnam’s coffee exports in Q1 are expected to fall 15.3 percent from a year earlier to 477,000 tonnes, government data showed Friday.

    Coffee

    Coffee exports from Vietnam will likely fall an estimated 15.3 percent in the first quarter of this year from a year earlier to 477,000 tonnes, equal to 7.95 million 60-kg bags, the General Statistics Office said in a report on Friday.

    Coffee export revenue for Vietnam, the world’s biggest producer of the robusta bean, will likely decline 23.8 percent to $830 million in the three-month period, the report said.

    The country’s coffee shipments in March are estimated at 160,000 tonnes valued at $278 million, it said.

    Rice

    Rice exports in the first quarter from Vietnam were forecast to fall 11.5 percent from a year earlier to 1.31 million tonnes.

    Revenue from rice exports in the period was expected to drop 23.6 percent to $567 million.

    March rice exports from Vietnam, the world’s third-largest shipper of the grain, totalled 600,000 tonnes, worth $256 million.

    Energy

    Vietnam’s first-quarter crude oil exports were seen rising 7.7 percent from the same period last year to an estimated 1.07 million tonnes.

    Crude oil export revenue in January to March is expected to fall 3.5 percent to $507 million.

    Oil product imports in the first quarter were estimated at 2.0 million tonnes, falling 42.6 percent from the same period last year, while the value of product imports fell 47.6 percent to $1.17 billion.

    Vietnam’s January to March liquefied petroleum gas imports were seen falling 7.9 percent from a year earlier to 349,000 tonnes.

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  • Select Vietnamese sellers to get Amazon training support

    Select Vietnamese sellers to get Amazon training support

    100 selected Vietnamese businesses will participate in a support program to help them reach more customers on Amazon. These businesses will receive offline or online training, with in-depth support from Amazon and discounts from local service providers, according to a statement jointly released Wednesday by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Finance and Amazon Global Selling.

    The program aims to help local businesses, especially in handicraft, textile, footwear and consumer goods, improve their export capabilities through selling on Amazon.

    They will also have the opportunity to participate in the second stage of the program, which will help them develop their brands.

    Other sellers who are interested can also join an online training program starting next month to get equipped with the basic knowledge of selling on Amazon.

    Bernard Tay, Amazon’s regional director for Southeast Asia, said that the young, tech savvy population in Vietnam and strong development of the manufacturing sector generate great e-commerce potential in the country.

    However, a lack of knowledge and experience prevents them from reaching out to the global market, he said.

    Vu Ba Phu, director of Vietrade, said that the support program will open up new potentials for local companies in expanding their businesses internationally.

    There are 300 million Amazon accounts in 185 countries and territories at present. Amazon also has 175 fulfillment centers worldwide.

    Vietnam has more than 700,000 businesses, of which 98 percent are small and medium enterprises, according to Vietrade.

    The country’s e-commerce market grew by 25 percent in 2017 and is expected to maintain this growth momentum over the next three years, according to the Vietnam E-commerce Association (Vecom).

    It also estimates online retail revenues to hit $10 billion by 2020, accounting for five percent of the country’s retail market.

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  • Korean wave fuel 25% growth in Korean e-commerce exports

    Korean wave fuel 25% growth in Korean e-commerce exports

    South Korea’s online exports surged 25 percent in 2018 from a year ago on the back of growing demand for K-beauty and K-pop related items such as album records and stationery supplies, government data showed. According to Korea Customs Service, Korea’s electronic commerce (e-commerce) exports or reverse overseas direct purchase volume reached US$3.25 billion last year, up 25 percent from a year earlier. The total number of online export cases also jumped 36 percent to 9.61 million during the same period.

    E-commerce growth is staggering when compared to the modest 5 percent annual growth in total Korean exports last year.

    The customs agency said that the rapid growth of online exports comes amid growing demand for Korean items on the back of hallyu or Korean Wave, as well as simplified retail procedure, and aggressive overseas marketing integrated with offline stores.

    By item, apparels and cosmetics accounted for 69 percent of total online export. In particular, the number of export cases for clothing surged a whopping 162 percent last year from a year ago, becoming the top pick after beating out cosmetics. Online exports of cosmetics jumped 43 percent last year from a year ago, recovering to average level after falling in 2017 as a result of diplomatic tension between Korea and China over Seoul’s deployment of U.S. anti-missile system.

    The customs agency said that exports of K-pop related items such as albums and stationery items surged significantly last year amid hallyu or Korean Wave overseas. In particular, sales of items related to K-pop icon BTS rose sharply.

    Data from Korea Customs Service, meanwhile, showed that overseas direct purchases of foreign goods amounted to US$2.75 billion last year, up 31 percent from a year ago. There were a total 32.25 million purchases last year, up 37 percent from a year ago.

    By region, the United States accounted for the largest 50.5 percent of Koreans’ direct purchases, followed by China with 26.2 percent, European Union with 12.5 percent, and Japan with 8 percent. The U.S. share fell from the previous year’s 56.4 percent while that of China jumped almost 10 percentage points from the previous year’s 17.3 percent.

  • Rolls-Royce agrees to follow Korea’s lemon law

    Rolls-Royce agrees to follow Korea’s lemon law

    Rolls-Royce announced Wednesday it will follow Korea’s voluntary lemon law for automakers, making it the first foreign luxury brand to accept the newly introduced regulation. Korea’s revised automobile management law, enacted last month, forces complying automakers to replace or refund recently purchased vehicles that repeatedly exhibit problems, similar to lemon laws in the United States.

    While most local automakers have adopted the rule, Volvo has been the only overseas brand to do so.

    The U.K.-based automaker said it will abide by the country’s revised auto guidelines to strengthen its quality commitment to Korean customers.

    “Rolls-Royce will be the first luxury brand to accept the amended automobile management act,” said Rolls-Royce Motor Cars CEO Torsten Muller-Otvos at a launch event on Wednesday for the automaker’s showroom in Cheongdam-dong, southern Seoul.

    “It is our responsibility … to reassure our Korean customers that we will stand by our promise of ultimate quality,” added Muller-Otvos.

    Foreign automakers’ reputations took a blow in Korea last year. BMW Korea conducted two series of recalls after its vehicles began bursting into flames due to component defects.

    The Korean unit of Mercedes-Benz was fined 2.8 billion won ($2.5 million) in December for violating environmental and customs law regarding emissions certifications.

    BMW was fined for similar reasons at the start of this year.

    The quality push from Rolls-Royce comes as the luxury automaker achieved record sales figures last year in the Korean market as foreign imported vehicles continue to grow in popularity.

    According to the Korea Automobile Importers & Distributors Association, Rolls-Royce sales in the domestic market grew 43 percent to 123 units last year from 86 in 2017. Foreign auto imports increased by 11.8 percent.

    The luxury automaker’s performance in the Korean market last year outpaced its 22 percent growth in global sales.

    According to Rolls-Royce, the brand’s sales grew at a rapid pace in Korea last year thanks to an expanded lineup, including the Phantom.

    The CEO said he expects the company’s performance in the country to continue to improve.

    “Korea is a very important cornerstone in our Asia strategy,” said Muller-Otvos. “We might even see at a certain moment Korea overtaking the Japanese business in terms of size.”

    The luxury automaker’s chief also emphasized the automaker’s commitment to the luxury sector as the auto industry braces for major changes.

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  • VinFast to test its first car for safety in Europe next month

    VinFast to test its first car for safety in Europe next month

    VinFast, Vietnam’s first indigenous car manufacturer, plans to test its first vehicle for safety parameters in Europe on March 6. According to company executives, the vehicle will be tested for international standards to ensure its highest safety. This announcement came after VinFast’s Hai Phong factory successfully manufactured the first body shell of the Lux A2.0, a sedan, Wednesday.

    Shaun William Calvert, deputy general director in charge of production, said the first body shell meets the highest quality requirements.

    VinFast, the car manufacturing unit of Vietnam’s largest private conglomerate Vingroup, showed off its first two car models, a sedan and an SUV, at the Paris Motor Show in France last October just a year after the company’s incorporation, grabbing the attention of the local and international media.

    VinFast’s first cars are expected to hit the road in August 2019.

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  • US opens doors to Vietnamese mango after years of attempt

    US opens doors to Vietnamese mango after years of attempt

    The US’s Animal and Plant Health Inspection Service has given the green light for the import of mangoes from Vietnam. The license comes exactly 10 years after Vietnam applied for it. To export fresh mangoes to the U.S., farmers and business will need to meet stringent standards. APHIS will inspect each shipment thoroughly before granting phytosanitary certificates.

    Mango is Vietnam’s sixth fresh fruit licensed to be imported into the U.S. after dragon fruit, rambutan, longan, lychee, and star apple fruit.

    Some 96 percent of Vietnam’s mango production is consumed domestically, with the rest exported currently to 40 countries either as fresh fruit or in processed form.

    The main market is China. The other important ones are Europe, South Korea, Japan, Australia, and New Zealand.

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  • Palm oil prices to remain steady in 2019: MPOC

    Palm oil prices to remain steady in 2019: MPOC

    Malaysian palm oil prices are set to hold steady in 2019 at an average of RM2,303 a tonne, according to estimates by the Malaysian Palm Oil Council (MPOC), while global output of the tropical oil is expected to rise by 3 million tonnes. “Global palm oil production is projected to be 72 million tonnes, with Malaysia and Indonesia as leading producers,“ the MPOC said in an online conference presentation.

    Rising production could cap recent price gains for palm oil, which has been recovering after touching a 3-year low last November at RM1,940 a tonne.

    Benchmark palm oil was trading at RM2,281 a tonne. The tropical oil averaged RM2,308 last year, according to Refinitiv Eikon data.

    MPOC, Malaysia’s key marketing agency for palm oil, also estimated that Malaysian output would rise to 20.2 million tonnes in 2019 and pegged Indonesian production at 42.8 million tonnes.

    Malaysia produced 19.5 million tonnes of palm oil last year, while Indonesia’s 2018 output stood at 42 million tonnes, based on estimates by the Indonesia Palm Oil Association.

    Malaysian palm oil output is expected to rise as newly replanted areas start to mature, but the increase will be marginal due to ageing trees and a possible El Nino in 2019 that will curb production, the MPOC said in its presentation.

    “Indonesian production is forecast to reach a record high of 42.8 million tonnes in 2019 due to improving weather conditions as well as newly maturing areas,“ it added.

    Palm oil exports in 2019 are also expected to increase in 2019, in line with an expected rise in demand from key importer India due to its declining domestic oilseed production.

    “India is expected to increase its (vegetable oil) imports by 500,000 tonnes, reaching 15.15 million tonnes, out of which palm oil will account about 10 million tonnes,“ said the MPOC presentation.

    Industry regulator the Malaysian Palm Oil Board forecast Malaysia’s a slight rise in production to 20.3 million tonnes this year due to favourable weather conditions and an expansion in oil palm matured area, according to an online presentation.

    It estimated Malaysia’s 2019 exports at 17.2 million tonnes, up from 16.5 million tonnes last year, due to “expected stronger palm oil demand from major markets.”