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Associated Press
3 days ago
- Business
- Associated Press
Linyi Goods at Vietnam Expo Boost Sino-Viet Trade Ties
HO CHI MINH, VIETNAM - Media OutReach Newswire - 19 July 2025 - The China Factory Products Export Fair 2025 was held in Ho Chi Minh City, Vietnam from July 12 to 14. Hundreds of original manufacturers from places like Shandong province's Linyi city displayed thousands of products ranging from daily necessities, office supplies, chemical products, and outdoor equipment to hardware tools. This fair adopted a collaborative format, featuring segmented exhibition zones. With over 70 booths designated for the Chinese factory exhibition area, the event also hosted various online and offline activities. Additionally, 200 renowned Vietnamese and neighboring region brands and enterprises were invited to exhibit and participate, all aimed at facilitating market expansion for Vietnamese local and international exhibitors. The exhibition drew large crowds, with numerous Vietnamese buyers and citizens praising the high-quality products and affordable prices of 'Made in Linyi'. As a significant exhibitor at this expo, Linyi companies took advantage of direct supply from source factories to offer a wide range of high-quality product selections to the Vietnamese market. This not only met the diverse demands of the Vietnamese market but also established a direct bridge for Chinese and Vietnamese enterprises, promoting deep cooperation and exchange in trade between the two sides. Looking back at 2024, Linyi achieved remarkable results in foreign trade, demonstrating distinctive development trends in trade relations with Vietnam and other Association of Southeast Asian Nations (ASEAN) countries. Regarding trade with Vietnam, bilateral trade continued to steadily expand, with the total import and export volume reaching 4.77 billion yuan ($664.97 million). The trade structure between the two sides showed significant complementary features, with Linyi mainly exporting products such as wood veneer, plywood, and hand tools to Vietnam, while importing aluminum alloys, chemical raw materials, and natural rubber latex. Expanding the perspective to the entire ASEAN region, Linyi saw robust growth in imports and exports with ASEAN in 2024, with a total trade volume reaching 40.15 billion yuan, representing a 16.2 percent year-on-year increase. Looking ahead, Linyi will further deepen economic and trade exchanges with Vietnam and ASEAN countries, expand cooperation fields, elevate the level of cooperation, and achieve mutual benefit, win-win cooperation, and common development. Hashtag: #Linyi The issuer is solely responsible for the content of this announcement.
Reuters
07-05-2025
- Business
- Reuters
Ivory Coast raises projected cashew output as threatened tariffs hit exports
ABIDJAN, May 7 (Reuters) - Ivory Coast, the world's biggest cashew grower, has raised its projected output to 1.3 million metric tons from 1.15 million tons even as potential U.S. tariffs and a falling dollar drag down exports, the head of the sector regulator told Reuters. The production increase stems in part from curbs on the smuggling of raw cashews to neighbouring Ghana and Burkina Faso, Mamadou Berte of the Cotton and Cashew Council (CCA) said. At the same time, Vietnamese buyers have drastically cut purchases of Ivorian raw cashews for processing in response to U.S. tariffs, Berte said. Vietnam usually buys 80% of Ivory Coast's cashew production, of which 60% is re-exported to the United States. But Vietnamese buyers have only purchased 200,000 tons of raw cashews for this year, compared with 700,000 to 800,000 tons for last year, Berte said. Last month, U.S. President Donald Trump's administration announced sweeping tariffs on dozens of countries, including Ivory Coast, which faced a tariff of 21%, the highest in West Africa. Trump then paused the tariffs for 90 days for negotiations, while retaining an across-the-board levy of 10%. Vietnam is facing a 46% tariff if a reduction cannot be agreed before a U.S. moratorium expires in July. "We are in total loss if we continue," said the manager of a Vietnamese cashew company. The drop in the U.S. dollar this year has also complicated contract execution and lowered prices for local producers, as contracts were arranged at the higher rate, Berte said. Prices have dropped to as low as 200 CFA francs ($0.35) per kilogram from 425 CFA francs ($0.73) earlier in the year, Berte said, likely due to the threatened U.S. tariffs and a weakening dollar affecting exports and profitability. Eight buyers and five exporters, including Vietnamese and Indians, confirmed to Reuters the drop in price. The buyers said there were about 200,000 tons of raw cashew nuts from Ivorian producers they could not purchase, warning that local producers would need to store them or sell them locally to avoid waste. Berte said local buyers had bought more than 650,000 tons of raw cashew nuts so far this year compared to 300,000 tons last year. "Faced with this situation of poor sales, the CCA is considering support mechanisms for the total purchase of the residual stock," he said. ($1 = 575.0000 CFA francs)
