Vietnamese cashew nuts (Photo: nongnghiep.vn)

According to the Import-Export Department under the Ministry of Industry and Trade, the EU is currently the second largest importer of Vietnamese cashew nuts, accounting for 23 percent of the total volume and 22 percent of the total value.

In 2021, Vietnam shipped about 135,000 tonnes of cashew nuts to the EU, earning 816 million USD, up 16.5 percent in volume and 7.9 percent in value year-on-year.

Vietnamese cashew nuts are available in 23 EU member markets, mainly the Netherlands and Germany.

The two are currently important trading hubs for cashew nuts in the EU, because they not only import for domestic consumption but also re-export to other markets in the bloc.

Wood, furniture exports to US expected to hit 10 billion USD

Export revenue of wood and furniture generated frrom the US market is predicted to reach 10 billion USD in 2022 thanks to the development trend from 2021.

Furniture manufacturing at Thuan An company (Photo: VNA)

VNA cited the data of the General Department of Vietnam Customs that the export of the products to the US surged 22.4 percent in 2021 to 8.8 billion USD, 87.6 percent of which came from wooden furniture.

Experts attributed the results to efforts of businesses in maintaining production and effective support from the Government amid difficulties caused by the COVID-19, holding that this expansion trend will continue in 2022.

However, they pointed out that the sector will still face many challenges, including trade remedies and the shortage of containers as well as high logistics cost. On average, the cost for each container to be transported to the US is 20,000-30,000 USD, four times that in previous years.

Vietnamese Trade Councillor in the US Bui Huy Son advised businesses to continue improving product quality and technology proportion in their products to meet the demand of US consumers, while focusing more on ensuring that their products are environmentally friendly. He also stressed the need to optimise e-commerce and apply measures against unhealthy competition and trade defence measures.

Positive prospects for rubber exports to US in 2022

With high export growth recorded in the United States last year, Vietnamese rubber exports to the demanding market are set to continue to witness positive signs this year.

Statistics from the US International Trade Commission indicate that the US imported 1.79 million tonnes of rubber worth US$3.72 billion during the January – November period last year, representing an annual rise of 22.8% in volume and 46.4% in value, reported VOV.

Vietnam represented the 11th largest rubber supplier to the US market with 39,090 tonnes exported worth US$68.83 million, up 82.7% in volume and 122.5% in value.

Its rubber market share as part of total US rubber imports accounted for 2.2% in the reviewed period, marking a slight rise compared to 1.5% seen in the previous year.

The Southeast Asian nation makes up the fourth largest provider of natural rubber to the US market with 39,020 tonnes, worth US$68.49 million, increasing by 82.5% in volume and 122.7% in value.

Therefore, the share of Vietnamese natural rubber and synthetic rubber as part of total US imports rose by 4.2% and 0.01%, respectively.

As the US economy has gradually recovered following the COVID-19 pandemic, its rubber demand is anticipated to edge up until 2023, which also presents a wealth of opportunities for local firms to accelerate rubber exports to this market.

Digital transformation - way out for agricultural sector amid difficulties

Fast digital transformation is considered the best way for Vietnamese agricultural sector to overcome difficulties to recover and develop in the post-pandemic period, thus affirming its role as a key pillar of the economy, VNA quoted the sayings of experts.

Illustrative image (Source: mic.gov.vn)

Amid challenges from climate change, market fluctuations and changes in consumption trend, the sector is required to increase the proportion of digital agriculture in the economy.

Meanwhile, the data-driven digital transformation in agriculture and agricultural management is expected to help boost the sector’s growth through better market forecast and planning.

Deputy Foreign Minister Bui Thanh Son said that facing adverse impacts of COVID-19, businesses and farmers are fully aware of strengthening the application of smart and digital technologies to maintain stability in production and farm produce supply, thus preparing for post-pandemic recovery and sustainable development.

Minister of Agriculture and Rural Development Le Minh Hoan said that along with optimising advantages and local resources for the development of the multiple value agriculture and trademark building, Vietnam should build a data system and make its agricultural data and information more transparent to reach more markets and create a new breakthrough for the sector.

Many experts said that together with negative impacts, COVID-19 has also brought about chances for the Vietnamese agricultural sector to speed up stronger digital transformation and write its name in the international agricultural supply chain.

Illustrative image (Source: baodantoc.vn)

David John Whitehead from the Australian Business Association in Vietnam (Auscham) said that Australians are very open to Vietnamese farm produce, which means the chance for Vietnam to export more agricultural products to the market is high.

Currently, Vietnamese agricultural products are exported to many choosy markets, and the Australian market is similar. However, for consumers in Australia, manufacturers in Vietnam need to build their own brand, with quality ensured, so as to win consumers' confidence that Vietnamese products are safe and of high quality, according to Whitehead.

In order to increase exports of key farm produce, closer coordination among ministries, sectors and localities in strengthening digital transformation and trade promotion as well as market connection is crucial.

However, many experts pointed to the need for Vietnam to focus more on preparing high quality human resources.

Associate Prof. Tran Dang Xuan from Japan’s Hiroshima University said that many Vietnamese farmers have still hesitated to renovate their cultivation practices and approach new farming techniques.

He stressed the need for the Government to focus more on developing digital agriculture, while strengthening communications among farmers to help them understand the benefit of the process, and equipping them with more knowledge and skills in conducting online transactions./.

 

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