Want to be in the loop?
subscribe to
our notification
Business News
APPAREL, FOOTWEAR EXPORTS TO U.S., EU SURGE
Vietnam’s apparel and footwear exports to the United States and the European Union (EU) have grown significantly.
According to the General Department of Vietnam Customs, the nation exported US$3.15 billion worth of textile and garment products in April, taking the total in the first four months of the year to US$11.83 billion, up 22.2% year-on-year.
In the four-month period, Vietnam’s apparel exports stateside rose 26.8% to some US$6 billion. The United States accounted for up to 59% of Vietnam’s total apparel export revenue.
Apparel exports to the EU market also surged 34.6% over the same period last year to US$1.3 billion. Meanwhile, the revenue from export to South Korea hit US$1 billion, up 8.7%, and the figure to Japan fell 2% to US$1.05 billion.
Large enterprises in the sector are upbeat about exporting textile and garment products to the United States and the EU thanks to an increasingly high number of large orders.
Importers are working directly with producers, thus reducing costs.
Many buyers are concerned about the impact of China’s zero-Covid policy on supply chains, so they have sought to shift some of their orders to regional countries, including Vietnam.
As for the EU market, the European Union-Vietnam Free Trade Agreement, which took effect in August 2020, further facilitated exports to the bloc.
The customs agency’s statistics also showed that footwear exports reached nearly US$7.32 billion in the first four months of the year, up 12.4% year-on-year.
The United States took the lead in footwear imports from Vietnam with revenue of US$3.16 billion, up 20.6% versus the year-ago period and making up 43% of Vietnam’s total footwear export revenue.
The EU ranked second with over US$1.77 billion, increasing 19% and accounting for 24.3%.
According to experts, U.S. importers tend to shift from traditional supplying countries to emerging economies. Vietnam’s improved product quality and competitive prices have attracted more buyers from the U.S., the EU and Japan.
Source: The Saigon Times
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.