China’s official permission for bird’s nest products from Vietnam to be exported to the country will create significant opportunities for the local bird’s nest farming industry and the production and processing of bird’s nests in Vietnam.
Vietnam’s economy has steadily regained its growth momentum following the COVID-19 pandemic. Its growth rate, though short of expectations, remains at the top among developing and emerging countries, with GDP in 2023 estimated at some 435 billion USD.
In the first 10 months of this year, Vietnam’s average consumer price index (CPI) increased 3.2 percent, foreign direct investment rose 14.7 percent, a trade surplus of 24.61 billion USD was recorded, and international visitors increased 4.2-fold compared to the same period of 2022.
Rice exports reached a record 5.81 million tons in the first eight months of this year, a 21.4% increase over the same period of 2022. Rice export turnover in the period therefore came in at nearly 3.16 billion USD, an increase of more than 35.7%.
The US remains the largest importer of Vietnamese goods during the first seven months of 2023 with an estimated turnover of 52.4 billion USD. It was followed by China with a projected figure of 58.6 billion USD.
Vietnam's rice export value rose 34.7% year-on-year to 2.3 billion USD in the first six months of this year. Rice export volume was estimated at 4.27 million tonnes, up 22.2% over the same period last year.
Vietnam has posted a trade surplus of 9.8 billion USD in the first five months of the year, with export revenue standing at over 136 billion USD and import revenue at more than 126 billion USD, according to the General Statistics Office.
Vietnam’s consumer price index (CPI) rose 3.84% year-on-year in the first four months of this year, primarily due to higher prices for education, housing and construction materials, culture, entertainment and tourism, food, and electricity.