With ten-month positive results, Vietnam’s major currency earners like aquatic products, rice, coffee, footwear, and handbags are very likely to exceed their export revenue targets set early this year.
With its 10 billion USD goal this year, aquatic products already brought home 9.5 billion USD in the ten months of this year, up 34% annually. The figure for the whole year is estimated at 11.2-11.4 billion USD, a record in the past more than two decades.
The rice sector targeted selling 6.3 million tonnes worth 3.3 billion USD. Still, the Vietnam Food Association said 6.5 million tonnes of rice valued at 3.5 billion USD are likely to be consumed soon, given that exporters sold nearly 6.1 million tonnes for 2.95 billion USD in the past 10 months, up 17.2% in volume and 7.4% in value.
Coffee has also surpassed the goal of 3 billion USD as it earned 3.27 billion USD from exports in the period, up 33.4% in value and 10.6% in value year-on-year. It is on course to achieve 3.8 billion USD this year.
The goal of 25 billion USD by the footwear and handbags sector is also within reach as it raked in 23.34 billion USD in January-October. With an average turnover of 2.2 billion USD each month, it is entirely feasible to reach 27 billion USD this year.
However, the Ministry of Industry and Trade (MoIT) said in recent months, the number of new orders has been falling while inventories in the retail system remain high.
Against that backdrop, the ministry directed the Vietnam Trade Offices abroad to actively instruct firms to switch to Asian markets less impacted by inflation to diversify markets and ease reliance on traditional markets.