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Saturday, May 18, 2024

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A sense of optimism amid uncertainties

Despite their first-quarter rebound, Vietnamese exporters are still grappling with mounting challenges induced by geopolitical tensions, exchange rate volatility and surging logistics costs. The lingering challenges During the second session of the Vietnam Economic Forum 2024, themed “Addressing Capital and Market Challenges for Exporters,” Vu Tien Loc, chairman of the Vietnam International Arbitration Center (VIAC), highlighted positive signs in export performance during the first quarter. Export revenue surged by 17% compared to the same period last year, with the domestic economic sector growing by 25% and the foreign-invested sector by 13%. Textile exports grew by 9.6% year-on-year to US$9.5 billion in January-March, while seafood exports reached US$2 billion, up 7% from the previous year. Key export products to major markets like China, the EU, the U.S., ASEAN, and Japan all experienced significant growth, with China leading the pack with a 34% increase. Despite the apparent strength in growth compared to the weak figures of 2023, Loc cautioned about the persistent challenges facing exporters. Industry experts at the event echoed concerns about export difficulties. Tran Nhu Tung, vice chairman of the Vietnam Textile and Apparel Association (VITAS) and chairman of Thanh Cong Textile Garment Investment Trading JSC (TCM), noted that while […]
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