In the wake of the fluctuating patterns of agricultural,\nforestry, and aquatic product exports over the past ten months and the\npromising yet challenging outlook for the last two months of 2023, businesses\nin this sector need to closely monitor the situation. This will allow them to\ncontinue pursuing suitable strategies to capitalize on growth opportunities in\nthe final stretch of the year.<\/p>\n\n\n\n
In mid-October 2023, following negotiations and focused\nproduction efforts, a container carrying 10 tons of green sticky rice cakes\nproduced by B\u00e0 Ba H\u1ed9i Cooperative (Tam Ky City, Quang Nam Province) was shipped\nto the United States to serve the traditional Tet festival for the Vietnamese\ndiaspora.<\/p>\n\n\n\n
Positive\nSignals<\/strong><\/p>\n\n\n\n While the value of this cargo may be modest, it represents a\npositive sign for the economic cooperation in the region as it contributes to\nboosting agricultural and aquatic product exports in the year-end consumption\nseason.<\/p>\n\n\n\n In the seafood sector, as it enters the final stretch of the\nyear, it still faces various challenges. However, some businesses have observed\nsignificant growth due to their proactive adaptability and market flexibility.\nA positive sign is that the decline in exports has started to slow down, and\nmarket demand is gradually increasing.<\/p>\n\n\n\n Mr. Nguyen Van Dao, the CEO of G\u00f2 \u0110\u00e0ng Seafood Company (\u0110\u1ed3ng\nTh\u00e1p Province), anticipates that the seafood market will experience positive\ndevelopments and transformations from now until the end of the year.<\/p>\n\n\n\n According to the latest forecast by the Vietnam Association of\nSeafood Exporters and Producers (VASEP), with a gradual recovery from various\nmarkets, seafood exports in the fourth quarter of 2023 may reach $2.4 billion,\nequivalent to the same period last year. This is expected to bring the total\nseafood export value for 2023 to $9 billion, a decrease of 17% compared to\n2022.<\/p>\n\n\n\n The recovery of seafood export figures in the coming months\nlargely depends on two main markets: the United States and China. Both of these\nmarkets are showing optimistic signs in terms of demand. Orders from these\nmarkets are increasing, though export prices remain lower than the same period\nlast year.<\/p>\n\n\n\n In a recent report on business performance in the fourth quarter\nof 2023, one of the leading catfish exporters, V\u0129nh Ho\u00e0n Corporation (VHC), mentioned\nthat import demand is slowly recovering in the fourth quarter of 2023, mainly\ndue to Western holidays approaching.<\/p>\n\n\n\n However, they also highlighted the risk that high catfish\ninventories in importing countries might persist, and it is expected that import\ndemand will not fully recover until June 2024 due to prolonged inflation\naffecting consumer demand.<\/p>\n\n\n\n Aside from the seafood sector’s efforts to recover, the most\nnotable market acceleration at the end of the year for agricultural and aquatic\nproducts is seen in the rice sector. Many businesses in the Mekong Delta region\nhave seized the opportunity to boost their rice exports, negotiate reasonable\nprices to benefit both farmers and companies.<\/p>\n\n\n\n As of mid-October 2023, Vietnam had exported nearly 6.73 million\ntons of rice, earning over $3.73 billion, a 17% increase in volume and a\nsignificant 34.5% increase in value compared to the same period last year.<\/p>\n\n\n\n With these figures, Vietnam’s rice exports have surpassed the\n$3.65 billion milestone set in 2011, officially establishing a new historical\nrecord after 34 years of participation in the global market. According to\ncalculations by the Ministry of Agriculture and Rural Development, in the\nbest-case scenario, Vietnam could export around 7.8 million tons of rice this\nyear, with export value ranging from $4.2 billion to $4.5 billion.<\/p>\n\n\n\n Adopting\nAppropriate Strategies to Seek Growth Opportunities<\/strong><\/p>\n\n\n\n In vegetable and fruit exports, recent forecasts suggest that\nthe total export value for the year may reach around $5.5 billion. Among these,\ndurian has become a significant contributor to the impressive growth of the\nsector. Vegetable and fruit exports have shown remarkable growth over the past\nten months, reaching $4.9 billion, a 78.4% increase compared to the same period\nin 2022.<\/p>\n\n\n\n To achieve such remarkable export numbers, it is important to\nacknowledge the flexibility and efforts of companies in the vegetable and fruit\nsector. These businesses have expanded their market presence, increased trade\nconnections, invested in deep processing, and implemented advanced procedures.<\/p>\n\n\n\n As Nguyen Van Hien, Chairman of the Board of Directors of Chanh\nViet Investment and Trading Corporation (Long An), shares, the company has\npartnered with importers in a B2B (business-to-business) model to provide them\nwith raw materials for further processing of cucumber products.<\/p>\n\n\n\n Furthermore, to maintain export growth, the company actively\nseeks new customers and markets while focusing on existing customers to meet\ntheir demands.<\/p>\n\n\n\n The fourth quarter of the year still offers significant\nopportunities for vegetable and fruit exports as consumption demand peaks\nduring the holiday season. The key question is how businesses and cooperatives\ncan capitalize on these opportunities to increase their export revenue.<\/p>\n\n\n\n In this landscape of bright and dark hues of agricultural and\naquatic exports over the past ten months, there are some standout performers,\nincluding cashew nut exports. According to forecasts, Vietnam’s cashew nut\nexport activity will remain vibrant in the last two months of the year as\nconsumption demand for cashews surges during holidays and festivals. In the\nfirst nine months of 2023, Vietnam’s cashew nut exports were estimated at\n456,000 tons, valued at $2.6 billion, marking a 19.6% increase in volume and a\n14.3% increase in value compared to the same period last year.<\/p>\n\n\n\n However, alongside these positive developments, there are also\nsome challenging aspects in agricultural and aquatic exports over the past ten\nmonths, with five remaining items experiencing declines: seafood, tea, pepper,\ncassava, and coffee.<\/p>\n\n\n\n For example, cumulative pepper exports have fallen by 10%\ncompared to the same period last year up to mid-October 2023. It is likely that\nthe downward trend will continue over the last two months of 2023 as most\nimporters have already secured their supplies.<\/p>\n\n\n\n Moreover, recent reports from Nedspice Group and Simexco Daklak\nboth forecast a 15% decrease in Vietnam’s pepper production in 2024.<\/p>\n\n\n\n Similarly, cassava export revenues have decreased by nearly 10%\nover the past ten months. Nevertheless, there is still potential for recovery\nand export growth in this sector in the last months of 2023 as the high point\nof consumption for Chinese food products approaches, which will positively\nimpact the export of cassava and cassava-derived products to this market.<\/p>\n\n\n\n In summary, in the midst of the bright and dark shades of\nagricultural and aquatic exports over the past ten months and the promising yet\nchallenging forecasts for the future, businesses in this sector need to closely\nmonitor the situation to continue adopting suitable strategies for seeking\ngrowth opportunities in the final months of the year.<\/p>\n\n\n\n Source: VNBusiness<\/p>\n","protected":false},"excerpt":{"rendered":" In the wake of the fluctuating patterns of agricultural, forestry, and aquatic product exports over the past ten months and the promising yet challenging outlook for the last two months of 2023, businesses in this sector need to closely monitor the situation. This will allow them to continue pursuing suitable strategies to capitalize on growth […]<\/p>\n","protected":false},"author":1,"featured_media":791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-about"],"_links":{"self":[{"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/posts\/784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/comments?post=784"}],"version-history":[{"count":3,"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/posts\/784\/revisions"}],"predecessor-version":[{"id":945,"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/posts\/784\/revisions\/945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/media\/791"}],"wp:attachment":[{"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/media?parent=784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/categories?post=784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alamspice.com\/index.php\/wp-json\/wp\/v2\/tags?post=784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}