To regain export growth momentum...

To regain growth momentum for exports, experts say it is necessary to continue promoting internal strength, promoting official exports of strong products, and targeting new, potential markets...

Producing garments for export at Son Ha Garment Joint Stock Company (Son Tay town). Photo: Nguyen Quang

Exports show signs of recovery

Assessing the import and export situation in May 2023, the Ministry of Industry and Trade stated that with synchronous measures to support domestic production and promote trade, expand markets, the country's import and export turnover recovered positively, increasing by 5.3%, estimated at 55.86 billion USD, of which export turnover was estimated at 29.05 billion USD, up 4.3% over the previous month.

The agricultural group continued to be the bright spot of export activities in May 2023 with a turnover of 2.9 billion USD, "going against the current" up 9.5% compared to the previous month and up 8.5% compared to the same period in 2022. Of which, the export turnover of vegetables and fruits increased nearly 2 times, estimated at 500 million USD; rice increased 53.1%, reaching 530 million USD; coffee increased 28.5%, reaching 418 million USD...

Exports in May 2023 increased compared to April 2023, but in the first 5 months of 2023, the total export and import turnover of goods decreased by 14.7% compared to the same period last year. Deputy Director of the Import and Export Department (Ministry of Industry and Trade) Tran Thanh Hai explained that the reason for the sharp decrease in exports and imports was that in 2021-2022, our country's exports and imports achieved a high growth rate, so the comparison target was quite high. In addition, major markets such as the United States and the European Union (EU) limited consumption and inflation increased. Notably, in addition to the decrease in orders, the decrease in export prices was also one of the factors that reduced export turnover in the past 5 months.

Promote official exports

Experts predict that import and export will still face many obstacles and double-digit growth like in the previous period will be difficult to achieve in the near future. In that context, opening up the right markets with demand for importing Vietnamese goods and focusing on promoting trade in product groups that meet consumer tastes will contribute significantly to increasing exports. In particular, it is necessary to focus on promoting the export of product groups with advantages, especially agricultural products and processed foods. Along with that, it is necessary to continue to promote official exports, as well as online exports, to create momentum for Vietnamese goods.

Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that China is currently increasing its purchases of Vietnamese fruits. If it can grasp the market demand well, fruit and vegetable exports from now until the end of the year will be very positive, bringing the export turnover of this item to the 4 billion USD mark.

Meanwhile, Trade Counselor of the Vietnam Trade Office in Mexico, Luu Van Khang, said that many Vietnamese products have the potential to be exported to the Mexican market, the country with the 11th largest population in the world , such as processed agricultural products, coffee, shrimp, tra fish, etc. According to Trade Counselor of Vietnam in Australia, Nguyen Phu Hoa, the demand for food and processed food in the Australian market is very large. To export to this market, industries need to pay attention to transparency in quality standards and origin of goods. Enterprises can send products for the Vietnam Trade Office to introduce and promote through fairs here.

In an effort to find markets, export enterprises also need to increase deep processing of agricultural products to increase value. General Director of Vietnam Organic Nutrition Joint Stock Company Nguyen Thi Diem Hang said that the enterprise focuses on processing agricultural products in the form of soluble nano such as fruit coffee (coconut, durian flavor), soluble vegetables or soluble medicinal herbs. Thanks to the effort to create many new product lines, with local characteristics and unique flavors, the enterprise has reached out to conquer new markets with a sharp increase in revenue after the Covid-19 pandemic.

For the Chinese market, the strong shift to official exports is an important step in increasing the export turnover of Vietnamese goods. According to Deputy Director of the Import-Export Department (Ministry of Industry and Trade) Tran Thanh Hai, official exports are becoming the main and sustainable trend for Vietnamese agricultural products and goods. Recently, China has recognized many new products such as sweet potatoes and durian, which has facilitated the official export of Vietnamese agricultural products to this market, thereby increasing its presence in the international market.

In fact, many businesses have implemented formal export as an inevitable step, but there are still many businesses that do not know how to grasp it in order to promptly change direction. The Ministry of Industry and Trade has been actively supporting businesses to quickly switch to formal export; promoting propaganda to businesses, localities, and growing areas to clearly understand the role of formal export. "In the coming time, associations and localities need to promote propaganda about formal export in order to produce according to the signals and requirements of the market, in which standards on quality and food safety are the most important factors," said Mr. Tran Thanh Hai.

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