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| A rice export warehouse in Long An Province. Rice is a key export commodity from Vietnam to this market. (Photo: VNA) |
Two-way trade reached a total value of 5.7 billion USD, marking a 21% increase compared to the same period in 2023.
Vietnam’s exports to the Philippines amounted to 4.07 billion USD in the eight-month period, up 17% year-on-year (YoY). Rice remained the top export commodity, with a value of 1.71 billion USD, reflecting a 39.7% increase from the previous year. It was also the only export to the Philippines exceeding 1 billion USD.
In addition to rice, Vietnam exported six other products to the Philippines with a turnover of over 100 million USD. These included machinery, equipment, and spare parts (255 million USD, up 3.6%), clinker and cement (214 million USD, down 12.9%), and coffee (196 million USD, up 126%). Furthermore, exports of phones and components reached 172 million USD, up 48%, while computers and electronic products totalled 119 million USD, a slight decrease of 1.4%.
In the agricultural and seafood sector, key exports included cassava and cassava products (6.1 million USD, down 6%), pepper (22.8 million USD, up 39%), cashew nuts (11.4 million USD, up 5.5%), and seafood (57.9 million USD, down 23.9%).
Among the 33 main products exported to the Philippines, 13 saw a decline in value, while 20 recorded growth. Coal experienced the highest growth rate, with export value rising from 0.09 million USD to 15.1 million USD, and the export volume surging from 219 tonnes to 69,720 tonnes.
On the other hand, Vietnam imported 1.66 billion USD worth of goods from the Philippines, an increase of 4% compared to the same period last year. The three main import items included computers and components (1.03 billion USD, up 8.3%), machinery and spare parts (176 million USD, down 3.7%), and common metals (109 million USD, up 3.6%).
Among the imported items, metal products and auto parts recorded the highest growth rates, with increases of 157% and 98%, respectively, compared to the same period last year.
Vietnam's exports to Singapore see significant growth
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| Vietnam's exports to Singapore see significant growth (Photo: VNA) |
Vietnam’s exports to Singapore saw a substantial increase in August, contributing to a 31.1% year-on-year rise in shipments to the city state in the first eight months of 2024, Vietnam News Agency run report of the Vietnam Trade Office in Singapore.
Last month, Vietnam's exports to Singapore surged by 58.4%, reaching 876.3 million SGD (678.6 million USD), driven by the strong performance of electronics, machinery, and equipment sectors. This growth made Vietnam Singapore's 18th largest export partner.
Among the key exports, machinery, phones, and parts grew 21.39%, while reactors, boilers, and machinery surged 150%, and petroleum products soared 870%.
Meanwhile, imports from Singapore to Vietnam dropped by 9.49% to 1.86 billion SGD, while goods from third countries through Singapore to Vietnam decreased by 18.87% to 1.26 billion SGD.
In total, bilateral trade between Vietnam and Singapore in August reached nearly 2.74 billion SGD, an increase of 4.89% year-on-year.
For the first eight months of 2024, total trade exceeded 21 billion SGD, up 8.47%, retaining Vietnam as Singapore’s 12th largest trade partner.
First AEON Mall in central region opens
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| Covering 8.6 hectares, AEON Mall Hue accommodates about 140 stores featuring famous international and domestic brands. (Photo: VNA) |
AEON Mall Vietnam Co Ltd on September 21 officially opened its seventh shopping mall in Vietnam and first in the central region - AEON Mall Hue, reported Vietnam News Agency.
Construction of the project in Thua Thien-Hue province started in February last year with a total investment of nearly 170 million USD.
Covering 8.6 hectares, the new mall accommodates about 140 stores featuring famous international and domestic brands.
Ohno Keiji, President of AEON Mall Co Ltd, said that under the concept of “Home of Culture”, AEON Mall Hue is a harmonious fusion of Japanese and Hue cultural values. It is expected to offer new experience for customers and become a place where everyone feels familiar and comfortable just like their home.
In his remarks at the opening ceremony, Phan Quy Phuong, Vice Chairman of the provincial People’s Committee, said the mall opening is an important event, marking the effort of the locality in promoting the implementation of key projects to prepare infrastructure conditions necessary for the province to become a centrally run city in the future.
He pledged that local administration will continue to support and accompany the investor and create the most favourable conditions for the mall to operate effectively, creating new momentum for attracting tourists and boosting local socio-economic development.
Vietnamnet gets big orders for rice from Southeast Asian countries
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| Vietnam’s rice is in high demand in Southeast Asian markets (Photo: Hoang Ha) |
The General Department of Customs (GDC) reported that as of mid-September Vietnam had exported 6.5 million tonnes of rice of different kinds, collecting US$4.06 billion, reported Vietnamnet.
The export volume increased slightly by 6.2% over the same period last year, but the export value rose sharply by 21.2% (US$710 million).
Vietnam’s rice enjoys large sales in Southeast Asian markets. The Philippines, Indonesia and Malaysia are the three biggest clients.
The Philippines spent US$1.72 billion to buy 2.81 million tonnes of rice from Vietnam in the last eight months. As such, Vietnam’s rice export volume to the market increased by 19.6%, and export value by 39.8%.
Indonesia has been collecting Vietnam’s rice since last year. In the first eight months 2024, the country bought 913,900 tonnes of rice, worth US$557.8 million. Vietnam’s rice export volume to the market increased by 27.3%, and value by 54.4%.
As for the Malaysian market, Vietnam exported 582,900 tonnes during the same time, collecting US$345.9 million. The exports to the market surged by 112% in quantity and 152.8% in value.
With the sharp increase in rice imports from Vietnam, Malaysia has outpaced China to become the third largest market for Vietnam.
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| Photo for illustration. (Source: moit.gov.vn) |
GDC reported that the average export price in the first eight months 2024 was US$625 per tonne, up 14.8%.
According to the Vietnam Food Association (VFA), on September 17, Vietnam’s 5% broken rice price was US$565 per tonne, while 25% broken rice was US$535 and 100% broken rice US$455.
Experts and exporters said it was difficult to predict rice prices for the last months of the year. However, they believe that prices won’t fall as the reserve for export has decreased.
If the export volume in 2024 is equal to that of last year, Vietnam will export 1.5 million tonnes of rice in the upcoming 3.5 months. Meanwhile, 200,000 hectares of rice in the north have been inundated because of the typhoon and floods.
Southeast Asian countries still want to buy more rice this year and they are considering importing rice from Vietnam. The Philippines, for example, plans to import an additional 1 million tons of rice from Vietnam.
Indonesia, the second biggest client, has invited bids to provide 500,000 tonnes of rice in September, with deliveries in October and November.
The market has demand for 5% white broken rice from the 2023-2024 crop, and the rice must be from Vietnam, Thailand, Myanmar, Cambodia or Pakistan./.