China spares no expense, willing to spend 2 billion USD to buy this item from Vietnam

China has spent a lot of money to buy this product from our country in just 7 months of 2023.

Trung Quốc không tiếc tiền, sẵn sàng chi 2 tỷ USD để mua mặt hàng này từ Việt Nam

Vietnam's fruit and vegetable exports have boomed in recent months as China has stepped up purchases. (Source: Customs Newspaper)

Statistics from the General Department of Customs show that if fruit and vegetable exports exploded in May and June 2023, with turnover values of 656.2 million USD and 662 million USD respectively, then in July this item would be 404.5 million USD.

Fruit and vegetable export turnover in July decreased sharply by 38.9% compared to June 2023, but increased by 63.6% compared to July 2022. In the first 7 months of this year, fruit and vegetable exports reached 3.1 billion USD, up 60.5% over the same period last year.

Vietnamese fruit and vegetable exports to major markets in the past 7 months all grew well, except for the US, Taiwan (China), Thailand and Australia.

From the beginning of the year to the end of July 2023, the Chinese market led in terms of export value with 2 billion USD, an increase of 128.5% over the same period in 2022. The breakthrough in fruit and vegetable exports to the Chinese market contributed to promoting positive growth in the fruit and vegetable industry in 2023, as this market accounted for 64.7% of the total export value of fruit and vegetable products.

Next is the US, but export turnover in the first 7 months of 2023 to this market only reached 140.5 million USD, down 11.2% over the same period in 2022.

Exports to South Korea reached 125.1 million USD, up 13%; to Japan reached 105.6 million USD, up 5.5%...

According to the Import-Export Department ( Ministry of Industry and Trade ), the demand for imported fruits and vegetables in the markets of China, the US, Japan and Korea is very large. However, except for the Chinese market, where Vietnamese fruits and vegetables account for a fairly high market share, Vietnamese goods only account for a small part of the total demand in other markets.

Specifically, the US has an average demand for importing fruits and vegetables of about 46 billion USD/year in the period 2018-2022, but the import value from Vietnam accounts for less than 0.6%.

Similarly, the Korean market has an average import demand for fruits and vegetables of 3.9 billion USD/year, but the import value from Vietnam accounts for only 4.3%. The Japanese market has an average import demand of about 10 billion USD/year, but imports from Vietnam account for only 0.6%.

In the Japanese, American and Korean markets, there is still much room for Vietnamese businesses to exploit, the Import-Export Department suggested.

Fruit and vegetable industry experts believe that in the Chinese market, businesses can export fresh fruits and vegetables. In other markets, processed products need to be promoted. This is a common global trend, currently favored by consumers in many countries.

Not to mention, processed products for export are easier to penetrate into demanding markets because they are not subject to strict quarantine regulations like fresh food.

For example, the US officially opened its market to Vietnamese coconuts in early August. Accordingly, Vietnamese coconuts approved for export to the US are coconuts that have had at least 75% of the fiber removed and the green outer shell completely removed.

The only phytosanitary requirements for coconut shipments occur at U.S. ports of entry because Vietnamese coconut meets the requirements for processed products and poses a negligible risk of spreading plant pests.

Source