Vietnamese enterprises should seize the opportunities to increase rice exports to Indonesia which has allocated an additional rice import quota of 1.6 million tonnes for 2024 as dryness linked to the El Nino delayed harvest in the country, according to the Vietnam Trade Office in Indonesia.
The recent falls in rice prices are only short-term and the upward trend will continue in 2024 on limited supply, providing significant opportunities for Vietnam’s rice export, analysts have said.
The VN Trade Office in the Republic of Korea has urged enterprises to strictly comply with regulations on pesticide residue levels when exporting farm produce to this market.
Vietnam's seafood exports rose by 64% year-on-year in January to nearly US$750 million, with shipments to China, the U.S. and the EU seeing sharp increases.
Vietnam exported 12,000 tonnes of tea worth more than US$21 million in January, representing a surge of 85% in both volume and value in comparison to the same period from last year.
Logistics costs have been a headache to the Vietnamese agricultural sector as they account for a lion share in the price of agricultural products.
The trade and investment targets that Malaysia set for this year are achievable despite the ringgit’s current depreciation versus the US dollar, as many other major fundamentals remain attractive and appealing to global investors, said Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
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The report underscores the importance of addressing the challenges faced by local enterprises, particularly small and medium-sized enterprises (SMEs), in accessing trade finance, recommending the development of innovative digital offerings and stronger regulatory frameworks.
The export of fruits and vegetables is forecast to reach $6.5 billion this year, after setting a record of nearly $5.6 billion in 2023.
In 2023, there was an 11.6% decline in exports to the United States compared to the corresponding period in 2022. Despite this setback, the United States maintains its status as Vietnam's largest export market. As we step into 2024, various Vietnamese export sectors are optimistic and anticipate more positive signals from this substantial market.
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