Vietnam’s export turnover is estimated to reach 29.3 billion USD in June, a month-on-month rise of 4.5%, which shows that the market is gradually recovering thanks to trade promotion activities, according to the General Statistics Office.

President of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Thi Thu Sac told a recent conference that many seafood enterprises have determined that after a period of market fluctuations, a decrease in orders is an opportunity for them to review production costs, not to expand investment but keep the number of employees and their income stable. This is also a period when some businesses spend time researching and analysing new products to suit the market context.

Expecting a positive sign for shrimp exports, Le Van Quang, General Director of Minh Phu Group Joint Stock Company, analysed that the export market from August 2023 onwards will be better when the shrimp supply sources in major exporting countries such as India, Ecuador and Vietnam all decrease sharply, and world demand gradually recovers.

A representative of Viet Thang Jean Co., Ltd. said that for the third quarter of 2023, many businesses are confident that they can compete better in the market as their products meet green standards from raw materials to technology.

Tran Duy Dong, Director of the Ministry of Industry and Trade (MoIT)’s Import-Export Department, said that in the remaining months of this year, his ministry will speed up the implementation of activities to promote export.

The ministry will focus on completing legal documents on import and export, recommending additional financial and monetary policies to support businesses to increase supply, reduce costs, and create more competitive products.

The MoIT and its Import-Export Department will concertedly carry out programmes in Vietnam’s import and export strategy to 2030 and a strategy on development of several key commodities of Vietnam.

Attention will be paid to soon completing procedures towards the signing of a free trade agreement (FTA) with Israel, and speeding up negotiations on other deals with potential markets such as the United Arab Emirates and the Southern Common Market (Mercosur) which includes Argentina, Brazil, Paraguay, and Uruguay.

VNA