In the first 11 months of 2022, Vietnam's export turnover of agricultural, forestry and fishery products reached US$49.04 billion, up 11.8% over the same period last year. Notably, there have been 8 products and product groups with an export value of more than 2 billion USD, including coffee, rubber, rice, vegetables, cashew, shrimp, pangasius, and wood products.
Digital transformation is one of the "doors" that open up opportunities to bring domestic goods to the world.
Due to the difficult furniture export market, from the beginning of the year until now, the consumption of laminated wood has fallen into a state of stagnation and inventory. Many timber exporters have chosen to hold back, and "hibernate" through a difficult period, expecting the market to prosper.
Vietnamese goods enjoy many advantages in the UK market, but Mr. Nguyen Canh Cuong, Commercial Counselor, Vietnam Trade Office in the UK said that this competitive advantage does not last forever. In the future, the UK might have many other FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Logistics activities combined with digital transformation are extremely important, which is a modern way to connect manufacturers, carriers and consumers, creating breakthrough opportunities for Vietnamese logistics enterprises in the new phase.
Due to certain difficulties in exporting to the Chinese market, this year's fruit and vegetable export are expected to reach only about US$3.2 billion, significantly lower than the target of about US$3.8-4 billion set out from the beginning of the year. In order to increase added value, Vietnam's fruit and vegetable industry need to focus on deepening processing as well as diversifying markets.
According to experts, the State Bank's decision to adjust the spot exchange rate band between USD and VND from ±3% to ±5% is consistent with the goal of stabilizing the foreign exchange market and controlling inflation.
Digital transformation is a trend chosen by wood enterprises to increase production efficiency. However, each business is a story of its own, it needs its own solutions, and digital transformation is a long process that businesses need to have a plan and appropriate resource allocation for each stage to achieve effective results.
In an interview with Customs News, Dr. Nguyen Duc Do, Deputy Director of the Institute of Economics and Finance, Academy of Finance, said that import and export in Vietnam no longer depend as much on the exchange rate, but must keep the foreign exchange market and interest rates stable to avoid affecting the recovery momentum of the economy.
After 2 years of implementing the EVFTA, Vietnamese goods have made significant progress in the EU market. However, there is still great room for Vietnamese enterprises in this large market, especially those with a methodical investment strategy and meeting the EU's green and sustainable criteria.
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