Workers during a shift at a textile company in the northern province of Hung Yen. (Photo: VNA) According to the ministry, the Southeast Asian economy's export pickedup in March, reaching 29.57 billion USD, a 13.5% increase from February. Total exportsduring the first three months of the year dropped by 14.8% compared to the figure in the same period lastyear.
Domestic firms were hit the hardest, with a drop of 17.4% comparedto foreign firms, who also experienced a drop of 10%.
The ministry said the situation wouldn't likely improve soon asglobal demand for goods slows down, especially in major markets such as the EUand the US. Competition has been on the rise since the reopening of the Chinesemarket.
Vietnam's agro-aquatic product exports for the first quarter of2023 are projected to reach 6.86 billion USD, a 7.5% decrease from lastyear.
Seafood firms have voiced concerns over a lack of orders, a starkdifference from what is usual for this time of year.
"We have been hit hard by both weaker demand and thestrengthening Vietnamese dong against the dollars," said arepresentative from the seafood industry.
To Tuong Lan, deputy director-general of the Vietnam Associationof Seafood Exporters and Producers (VASEP), said orders from all markets werefewer during the first three months of the year.
Lan said a global credit crunch hindering retailers from stockingup, on top of increased competition, has resulted in fewer orders thisyear.
Industrial sectors also reported lower export, with just 67.5billion USD in value during the last three months, a 13.1% and mineral exportsdropped by 3.1% compared to the same period last year.
On the other hand, Vietnamese rice has seen some success in bothraising export quality and prices. The country exported nearly 70% more ricein the first quarter of 2023 compared to the same period last year.
The US remained Vietnam's largest buyer, with a total value ofgoods imported at 20.57 billion USD.
Do Ngoc Hung, Vietnam's trade representative in the US, said Vietnam-UStrade would likely continue to grow strong for the foreseeable future with thetwo countries seeking out new products and services, removing trade barriersand work together on products safety and standards.
Hung said his office has been holding regular working sessions tohelp connect Vietnamese and US businesses while keeping Vietnamese exportersup-to-date with the US's trade policies.
During the first quarter of 2023, Vietnam imported 75.1 billion USDin goods and services, a 14.7% decrease year-on-year.
The country maintained a trade surplus of 650 million USD in Marchto bring the first quarter's trade surplus to 4.07 billion USD, a markedimprovement over the same figure last year at 1.87 billion USD.
The ministry said Vietnamese seafood and textile products wouldlikely face increased competition in many of their major markets as strongcompetitors, including Bangladesh, Cambodia, El Salvador, India, and Indonesia,have managed to sign FTAs with said markets.
The ministry called on firms to make greater efforts to meetconsumer demand in foreign markets, start additional marketing campaigns, andimprove product safety and quality./.
VNA
