Agro export revenue sees sharp drop in Vietnam

At a meeting on October 17 to review agro-export revenues and plans for next three months of the year, the Ministry of Industry and Trade said that export turnover in first nine months of the year has declined.

According to the Ministry, agricultural produce is the backbone of the country, which unfortunately has seen a sharp drop in exports.

For instance, cashew exports have dropped by 15.8 percent, coffee by 23.1 percent in quantity and 22.4 percent in value, rice by 14.7 percent in quantity and 17.2 percent in value, and manioc and manioc-made products by 22.7 percent in quantity and 21.2 percent in value.

The domestic market is facing fierce competition. Genuine businesspersons have to fight against fraudsters, despite intervention of tax agencies to shrink purchase and selling price among firms. To resolve this problem, related agencies must make concerted efforts to curb this menace.

According to Nguyen Duc Thuan, Chairman of Vietnam Leather and Footwear Association, the sector may earn export revenue of US$10 billion this year.

Nguyen Van Tuan, Deputy General Secretary of Vietnam Textile and Apparel Association, said the sector hopes to touch export revenue of US$18.5 billion by year end.

By Thuy Hai - Translated by Uyen Phuong

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