High production input costs, plus logistics costs that have not shown any signs of "cooling down", are factors that have a strong impact on Vietnam's rice exports. However, rice exports are forecasted to be more prosperous in the second half of the year, helping to earn an export figure of over 6.4 million tons this year.
Canada has become the second largest Pacific Rim importer of Vietnamese Tra fish after Mexico, reflecting the post-pandemic recovery of seafood exports to global markets, and specifically to the 11-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bloc.
Vietnam shipped 889,000 tonnes of coffee overseas for more than 2 billion USD in the first five months of 2022, up 24.2 and 54 percent year on year, respectively.
Vietnam’s export value to the European Union (EU) grew further in the first five months of this year, with a trade surplus of 13.4 billion USD, up nearly 47 percent, thanks to their bilateral free trade agreement.
Vietnam’s import-export turnover during the first five months of this year reached 305.1 billion USD, a year-on-year increase of 15.6 percent, according to a report released on May 29 from the General Statistics Office of Vietnam (GSO).
The total import and export value of agro-forestry-aquatic products in the first five months of 2022 has been estimated at 41.3 billion USD, up 8.6 percent year-on-year, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam’s total trade in the first four months of 2022 increased. Accordingly, the State revenue from import and export activities rose 19.7% year-on-year to VND148,316 billion or 42.1% of the assigned target and 40.1% of the ambitious target.
Infographic Social-Economic Situation in the April and Four Months of 2022
Vietnam’s export-import revenue in the first quarter of this year was estimated at 176.35 billion USD, up 14.37 percent year-on-year, of which 88.58 billion USD was from exports, a rise of 12.9 percent.
With its rising costs, China is no longer the go-to destination for many businesses, and Vietnam has arisen as a serious competitor. Recent trends show that the number of orders shifting from China to Vietnam has seen a significant increase.