Vietnamese exports set to plunge

18-02-2020
Vietnam,export,coronavirus,epidemic,trading,timber,wood processing,events

Nguyen Bich Lam, Director General of the Statistics Office has estimated that Vietnam’s first quarter 2020 exports could be down around 20% from the same period last year as trade will be disrupted by the coronavirus epidemic.

The decline in exports is expected to affect a range of exports including agricultural and forestry products, aquatic products, textiles and garment, footwear and electronics. Exports to China are likely to be severely affected he said. In January foreign trade was down almost 13% and exports dropped almost 16% year on year.

In response measures to support exports as a result of the suspension of cross-border trade with China are being considered. The Director General of the Foreign Trade Agency in the Ministry of Industry said Vietnam could see a loss of around US$200-300 million in export revenue from declines in agricultural, forestry and fisheries exports.

This could rise to US$600-800 million (S$835 million to 1.1 billion) if the outbreak lasts half a year.

According to VIFORES, there are currently 867 foreign enterprises in the wood processing sector in Vietnam of which 161 are Chinese companies processing and exporting wood products from Vietnam.

Around 20% of these companies are in the services and distribution sectors.

Due to current coronavirus outbreak Chinese businessmen and workers are not permitted to enter Vietnam and this is seriously affecting business operations of the Chinese enterprises as well as domestic companies providing services.

Because of the coronavirus, many timber sector events such as Hanoi Wood 2020 (scheduled for the first half of 2020) have to be postponed.

Hanoi Wood 2020

30 July - 1 August 2020

International Centre of Exhibition (I.C.E), Hanoi

 

 

Some show dates remain:

VIFA Expo 2020

11 -1 4 March 2020

Saigon Exhibition & Convention Center, Ho Chi Minh City

 

 

VIFA GU 2020

14 - 17 May 2020

Saigon Exhibition & Convention Center, Ho Chi Minh City

 


Subscribe to our newsletter