Vietnam’s rubber exports to Sri Lanka rise

Friday, 21/06/2024 22:45
The first five months of the year witnessed the Sri Lankan market abruptly increase rubber imports from Vietnam with a growth of 435.7% in volume and 530.5% in value, reported VOV News.
Photo for illustration. (Source: VOV)

The Agency of Foreign Trade under the Ministry of Industry and Trade cited statistics compiled by the General Department of Customs indicating that the country’s rubber exports hit 84,460 tonnes last month, worth 135.64 million USD, up 14.8% in volume and 14.5% in value compared to April, but a drop of 27.9% in volume and 14.9% in value compared to May last year.

This represents the second consecutive month that rubber exports have fallen compared to the same period from last year.

During the reviewed period, rubber exports reached 572,280 tonnes, raking in 859.4 million USD, down 2.4% in volume, but up 6% in value on-year.

Rubber exports to many major markets endured a fall over the five-month period, in particular to places such as China, the Netherlands, and Peru.

However, exports to several other markets continued to record growth, including India, the Republic of Korea (RoK), Russia, Indonesia, Sri Lanka, Turkey, Brazil, and Italy.

Most notably, Vietnamese rubber imports to Sri Lanka saw a solid upswing throughout the reviewed period, thereby raising the market share of Vietnamese rubber exports to this market from 0.26% to 1.43% of the nation’s overall rubber exports.

Vietnamese lychees become familiar to Thai consumers

Vietnamese lychees become familiar to Thai consumers (Photo: VNA) 

A programme to promote Vietnamese lychees to Thai consumers was opened at Centralworld commercial centre in Bangkok, Thailand on June 21, reported Vietnam News Agency.

Speaking at the event, Vietnamese Ambassador to Thailand Pham Viet Hung expressed his pleasure to see Vietnam's high-quality lychee products promoted in Thailand, adding he believes that Vietnamese products’ quality will satisfy demand of Thai consumers.

The ambassador emphasised that Vietnam and Thailand are each other's major trading partner, and facilitation of Vietnam's exports to Thailand is crucial to enable the two countries to realise the goal of 25 billion USD in bilateral trade by 2025.

Jariya Chirathivat, Deputy General Director of Business Development and Operations of Central Group, said that the Tops supermarket chain, a subsidiary of Central Retail Corporation, organised the event to promote lychee from Vietnam. The event, the seventh of its kind, will run from mid-June until early July at 32 Tops Food Hall and Tops Market stores across Thailand.

According to Paul Le, Vice Chairman of Central Retail Group in Vietnam, with the increasingly improved cold storage management and packaging, Vietnamese lychee will soon be exported to many countries around the world. Since 2017, Central Retail has successfully exported Vietnamese fresh lychee to Thailand. Thai people often wait for Vietnamese lychee in season to be able to enjoy the best quality lychee in the world.

Le Huu Phuc, Commercial Counsellor at the Vietnamese Embassy in Thailand said that in addition to lychee, the trade office will work closely with Thai enterprises to bring more Vietnamese specialities to Thailand such as avocado, rambutan, and passion fruit, among others.

Vietnam’s ratings affirmed at “BB+” with stable outlook

The US’s S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term sovereign credit ratings on Vietnam, with a “stable” outlook on the long-term rating, the website reported on June 20, reported Vietnam News Agency.

Illustrative image (Photo: Internet) 

The US’s S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term sovereign credit ratings on Vietnam, with a “stable” outlook on the long-term rating, the website reported on June 20.

The agency forecast that Vietnam's economy will accelerate over the next 12 months as global demand picks up and the country gradually resolves its domestic challenges. It highlighted that the ratings reflect the country's strong economic growth outlook, moderate government debt levels, and generally sound external position. As multi-national conglomerates diversify their operations in the region, Vietnam will likely continue to attract substantial foreign direct investment (FDI) inflows to its export manufacturing sector over the next several years.

It predicted that Vietnam's economic growth will pick up to 5.8% this year, after cooling to 5% in 2023. The upcycle in the semiconductor industry is expected to play a role in propelling Vietnam's growth this year, as exports from the industry increase.

On the services side, cross-border travel is recovering, including a surge in Chinese tourists. Domestic demand is also recovering, though it remains slower than headline GDP growth. It expected public investment to gradually accelerate over the coming years, primarily from the State budget.

Over the next three to four years, Vietnam's real GDP growth rate was expected to return to its long-term trend of 6.5%-7.0%.

Despite the immediate stresses, Vietnam's economic prospects remain healthy, it said. The economy is increasingly diversified, with a booming manufacturing sector that is largely funded by FDI. The country's attractiveness as a destination for FDI in Southeast Asia with a young, increasingly educated, and competitive workforce should help keep long-term development intact.

Vietnam's macroeconomic stability and well-developed logistics network for exports have supported the manufacturing sector's attractiveness for global firms in the electronics, mobile phone, and textile industries. These FDI-oriented segments continue to fuel domestic activity, with better employment opportunities and higher wages powering private consumption growth, said the S&P Global Ratings.

Trade performance has improved markedly so far this year, following a higher current account surplus in 2023. Both exports and imports will likely return to healthy growth rates in 2024. In its view, the current account surplus will remain elevated, at about 5.5% of GDP this year, before moderating toward its long-term trend from 2025 onward.

Vietnamese Products Week opens in Japan

Vietnamese Products Week opens in Japan (Photo: VNA) 

The Vietnamese Products Week 2024 was kicked off on June 21 at more than 300 supermarkets and retail stores of the Aeon network in Saitama prefecture and across Japan, reported Vietnam News Agency.

The annual activity, jointly held by the Vietnamese Ministry of Industry and Trade, the People’s Committees of Hanoi and Ho Chi Minh City, and with the Aeon Corporation is part of the project “Promoting Vietnamese enterprises’ direct participation in foreign distribution networks by 2030”.

Speaking at the opening ceremony, Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang emphasised that the Vietnamese Products Week is a bridge to help bring Aeon's customers in particular and Japanese consumers in general closer to Vietnam while helping them to have a better understanding of Vietnamese people through the S-shaped country’s speciality products.

Vietnamese Ambassador to Japan Pham Quang Hieu said the embassy and the AEON Group regularly have meetings to discuss and find solutions to continue to promote export turnover between Vietnam and Japan through AEON's distribution channel in Japan.

The ambassador expressed his hope that the Ministry of Industry and Trade of Vietnam, the People's Committee of Hanoi, the People's Committee of Ho Chi Minh City and the AEON Group will continue to organise more events to introduce high-quality Vietnamese products and cuisine to Japanese people.

He pledged to regularly coordinate and accompany Vietnamese and Japanese businesses to further strengthen bilateral economic and trade relations.

Vietnam's key exports such as agricultural products, processed food, seafood, garments, footwear, household appliances, and healthcare products are highlighted at Aeon trade centres during the week. Particularly, Vietnam's fresh seafood and tropical fruits such as lychee, longan, banana, dragon fruit, and fresh coconut are promoted to attract Japanese customers.

In addition, the AEON Group also organises activities to promote the image, cultural identity, and tourism of Vietnam such as the performance of Vietnamese traditional dance, musical instruments, food performances, and Vovinam (Vietnamese traditional martial arts).

Japan top receiver of Vietnamese guest workers

 Vietnamese workers at a laptop factory in Kobe, Japan. (Photo:

Vietnam sent more than 78,000 labourers to work abroad so far this year, with Japan receiving the largest number, Vietnam News Agency quoted data of the Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs.

The northeastern country received 40,597 Vietnamese labourers, followed by Taiwan (China) with over 27,000, and the Republic of Korea with more than 5,500.

Vietnam has set a goal to send about 125,000 workers abroad under contracts in 2024. In the period under review, many programmes on sending Vietnamese workers abroad under contracts have been implemented, including the signing of the Memorandum of Understanding between the Australian and the Vietnamese governments on supporting Vietnamese citizens to work in the agricultural sector in Australia and the signing of an agreement with Japan on the supply of Vietnamese nursing interns to the country.

Efforts will be made to increase warnings and prevent scams of tricking labourers to work abroad in some markets and occupations that are in high recruitment demand, including Australia and the Republic of Korea./.