Business

Vietnamese export increases in both quantity, quality

Taking advantage of free trade agreements and flexibly adapting to world unstable development, Vietnam’s spearhead economies such as fisheries, garment and textiles and wood production are accelerating exports to increase turnover.
Vietnamese export increases in both quantity, quality ảnh 1Shrimp processing for export (Photo: VNA)
Hanoi (VNA) – Taking advantage of free trade agreements and flexiblyadapting to world unstable development, Vietnam’s spearhead economies such asfisheries, garment and textiles and wood production are accelerating exports toincrease turnover.

According to statistics of the Vietnam Customs, as of May15, export turnover reached 135 billion USD, up 15.5 percentyear-on-year.

Full of orders

The Vietnam Textile and Apparel Association (VITAS)forecasts that the sector could enjoy an export turnover of 42-43.5 billion USDthis year.

Than Duc Viet, General Director of Garment 10 Corporation,said that the corporation has received enough orders for its traditional products throughout thethird quarter of 2022 and its customers are confident in the flexibility andadaptability of Vietnamese enterprises.

The wood processing sector is also full of orders till thefourth quarter of 2022. Vice President of the Ho Chi Minh City Handicraft andWoodworking Association (HAWA) Nguyen Chanh Phuong said that if the averageexport turnover is about 1.5 billion USD per month as it is now, the industry'starget of around 16.5 billion USD in export value by the end of 2022 iscompletely feasible.

The fisheries sector enjoyed a record export value in thefirst five months of this year with 3.65 billion USD, up nearly 47 percent againstthe same period of last year.

Fully exploiting opportunities brought about by FTAs

Talking about opportunities to boost exports of the woodindustry, Nguyen Thi Thu Trang, Director of the Centre for WTO and Integrationunder the Vietnam Chamber of Commerce and Industry, said Vietnam's woodprocessing and export industry is enjoying an important advantage from freetrade agreements (FTAs). The FTAs help businesses increase their competitivenessand market share in not only traditional markets such as China, Japan, and theRepublic of Korea, but also in markets that are not familiar with Vietnamesefurniture such as ASEAN or Oceania.

Customers in these regions belong to many diverse segments,including those that are not too choosy, and have high demand for many woodproducts of Vietnam. This opens up more opportunities for producers andexporters, especially small and medium-sized enterprises.

VITAS President Vu Duc Giang stated that currently, mostfashion brands in the US, Japan, Europe, and even China are more demanding ongarment products.

Enterprises that want to join the global playing ground should renew themselves, be more transparent in production as well as ensureproducts are clearly traceable, and ensure green development factors, headded./.
VNA
#free trade agreements #Vietnam #spearhead economies #VITAS #exports #Vietnam #Vietnamplus #Vietnam News Agency
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