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Ho Chi Minh City
Monday, July 22, 2024

Caution amidst improving conditions

By Quoc Hung

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While recent improvements in business conditions have been observed, business leaders are maintaining a cautious outlook as the market’s downward trend is far from over. Optimism in export market The wood sector, a cornerstone of Vietnam’s exports, has experienced a gradual resurgence in new orders following a prolonged contraction. Nguyen Quoc Khanh, chairman of the Handicraft and Wood Industry Association of HCMC (HAWA), noted that the uptick in fresh orders may align with the demands of the year-end global shopping spree for interior and exterior furnishings. Although the order volume has not rebounded as strongly as expected, it ignites hope for the industry to meet its export target. Similarly, Vietnam’s seafood sector is displaying signs of improvement. Data from the Vietnam Association of Seafood Exporters and Producers (VASEP) indicate that fishery export value in the January-July period grew a significant 25% against the same period in 2022. However, the pace of decline has slowed, with a year-on-year drop of 11% in July alone, amounting to US$830 million in seafood export value. Anticipating an economic rebound in major markets in the coming months, coupled with resurging demand for imports in economic powerhouses like the U.S. and China, the export landscape is […]
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