Major sectors revise down export targets

HCMC – Numerous Vietnamese business sectors have had to revise their export targets due to a consumer spending fall and an inventory buildup in importing countries. Given the challenges faced by local exporters, Vinacas has once again proposed a downward adjustment of their cashew nuts export target to US$3.05 billion. Notably, the Ministry of Agriculture and Rural Development had earlier granted approval for this association to lower its export target from US$3.8 billion to US$3.1 billion. Concurrently, the Vietnam Association of Seafood Exporters and Producers (VASEP) has also reduced their export target. According to their revised plan, the overall export value of fishery products for the entire year may range from US$8.5 billion to US$9 billion.