Vietnam Roundup: National Day celebration, EU Deforestation Regulation, intensified storm

US becomes primary market for Vietnam's exports

In the first eight months of 2023, Vietnam's exports of agricultural, forestry, and fishery products reached $40.08 billion, with imports standing at $28.28 billion. This resulted in a notable trade surplus of $11.8 billion, reflecting a significant 68.4% increase compared to the previous year. The US has overtaken China as the primary market for Vietnam's exports, accounting for $8.58 billion (21.4% of total exports) and marking a 23.5% increase. Meanwhile, exports to China reached $8.17 billion (20.4%), up 10.2%, Saigon News reports.

Commemoration of 79^th National Day

Vietnam celebrated its 79th National Day on September 2, 2024, with various countries participating in celebrations. Lao Ambassador to France Kham-Inh Khitchadeth on his visit to the Vietnamese Embassy in France praised Vietnam's socio-economic development, while Vietnamese Ambassador Đinh Toàn Thắng pledged to enhance collaboration between the two embassies. The Japanese celebration was held by the Vietnamese Consulate General in Osaka, with the Japanese Deputy Governor expressing gratitude for Vietnam's contributions to bilateral relations. The Vietnamese Embassy in Pakistan hosted a gathering with nearly 200 attendees, where Ambassador Phạm Anh Tuấn articulated Vietnam's commitment to independent foreign relations and the long-standing partnership with Pakistan since their diplomatic ties were established in 1972, Asian News Network reports. 

Enterprises urged to quickly adapt to EU Deforestation Regulation

Vietnamese enterprises have been called upon to swiftly adapt to the EU's Deforestation Regulation (EUDR), which came into force in June 2023. This regulation prohibits the importation of products associated with deforestation or forest degradation, retroactively applied since December 31, 2020. According to VietnamNet Global, major commodities affected include timber, rubber, and coffee, which collectively account for over $2.5 billion in exports to the EU.

Over 6 million tonnes of rice exported in eight months

Vietnam achieved a notable export of 6.16 million tonnes of rice during the first eight months of 2024, marking a 5.9% increase compared to the previous year and generating nearly $3.85 billion in revenue, up 21.7%. The average export price rose to $625 per tonne. The Southeast Asian country aims to surpass eight million tonnes in rice exports, targeting a revenue of $5 billion, The Star reports. 

Intensified storm poised to impact northern Vietnam

The intensified Storm Yagi is expected to impact northern Vietnam, with maximum wind speeds projected to rise from 88 kph to 166 kph within a few days. By Thursday, September 5, the storm will be near Hainan Island, with winds expected to peak at 149 kph, according to VN Express. The northeastern East Sea will confront significant winds and waves measuring 3-5 metres starting Tuesday, September 3. It is anticipated that the storm will sustain its intensity while traversing into the Gulf of Tonkin. In response, Prime Minister Pham Minh Chinh has urged coastal provinces to contemplate beach closures and consider evacuating residents from high-risk zones.