Vietnam’s rice exports reached a record 9.04 million tonnes in 2024, up 11 percent year-on-year, with an increase of 21% in value to reach 5.7 billion USD. Meanwhile, rice import totalled 3.7 million tonnes last year.
The Asian Development Bank (ADB) maintained its positive economic outlook for Vietnam, forecasting the country’s GDP growth at 6% in 2024 and 6.2% in the following year.
While the influx of imported goods has presented challenges, with signs of dumping and subsidisation impacting domestic industries, Vietnam has effectively countered these threats.
Vietnam ran a trade deficit in May as the import of major materials rebounded, signaling that green shoots are sprouting in domestic production, experts have said.
Vietnam kept its export growth momentum in the Indian market in 2023 after two-way trade hit a record high of 15 billion USD in 2022, Vietnamese trade counsellor in India Bui Trung Thuong told the Vietnam News Agency.
The authorities of Vientiane capital has urged the private sector to cooperate in implementing urgent measures to address economic and financial difficulties relating to inflation, rising exchange rates and foreign debt.
Lao Ministry of Industry and Commerce (MTC) has proposed measures to promote the country’s domestic production and reduce imports, during the ongoing 5th ordinary session of the 9th National Assembly.
Thailand will import over 10,500 tonnes of sea shrimps this year to ease a shortage at processing plants under a decision made on August 8 at the first meeting of the shrimp board with 21 members representing the Government as well as shrimp farmers and processors.
Up to 89 percent of the imports in the first four months of this year are raw materials and accessories for domestic production with a combined value of 106.6 billion USD, up 16.8 percent year-on-year, according to the Ministry of Industry and Trade.
Promoting domestic production of wood materials plays an important role in minimising instabilities related to wood imports for processing in the future, said insiders.
Trade remedies should be utilised more and in a more effective way to ensure fair competition and protect domestic production in the context of Vietnam’s deeper integration into the global economy through joining more free trade agreements (FTAs), according to experts.
Despite trade deficit in the first half of 2021, experts still predicted that Vietnam will soon resume balance in the trade of goods thanks to the strong growth in production.
If breakthroughs in institutional reforms are achieved to improve growth quality, coupling with timely and sound fiscal and monetary policies, the Vietnamese economy could expand 6.76 percent a year during 2021-2023, according to Director of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh.
Increasing global demand, stable domestic production, and better rice quality count among the reasons Vietnam can be confident its rice exports will prosper again in 2021 and surpass the 3.1 billion USD in revenue posted in 2020, despite a significant decline in the first two months of this year.
The Advisory Council for the Registration of Circulation of Drugs and Medicinal Ingredients under the Ministry of Health (MoH) has proposed that the Health Ministry approve the use of COVID-19 vaccines produced by Moderna Company of the US and JSC Generium Company of Russia, for urgent use in Vietnam.
Many members of the Food and Foodstuff Association of Ho Chi Minh City have promised not to increase the prices of goods, especially essential goods, to share consumers’ difficulties amid the COVID-19 outbreak.
Motorbike and automobile manufacturer Honda Vietnam on May 11 clarified reports that it is likely to shift its business model from manufacturing to imports.
The central bank’s decision to lower refinance rate shows that the bank is ready to provide lower-cost capital sources for commercial banks, enabling them to restructure debts to provide new loans.
