The country, however, ran a trade deficit of US$1 billion in May, the first in nearly two years.

China, Thailand, South Korea and Japan are Việt Nam's major vegetable export markets and account for 98 per cent of their total turnover.

In recent years, the trade partnership between China and Europe has blossomed into a mutually beneficial alliance, shaping the global economy and fostering prosperity on both continents.

VINACAS warned that African raw cashew exporters have been defaulting on contracts due to significant price fluctuations over the past month.

Amid the world facing a shortage of seven million tonnes of rice, Vietnam has seized a "golden" opportunity to increase exports, according to industry insiders.

With an annual growth rate of 14% to 16%, along with geographical and natural advantages, Vietnam possesses outstanding opportunities compared to the wider region to become a logistics hub moving forward.

Despite positive results in rice export so far, experts held that domestic firms should carefully evaluate the demand of major export markets to design suitable strategies for the rest of the year.

As president, Donald Trump imposed a 25% tariff on foreign steel, which hurt Clips & Clamps Industries, a Michigan auto supplier — raising its materials prices, making it harder to compete with overseas rivals and costing it several contracts.

Japan, South Korea and China held their first joint summit in more than four years on Monday, seeking deeper commercial ties to bolster their economies, including by aiming for progress in stalled negotiations toward a free trade agreement (FTA), but with Seoul and Tokyo also using the occasion to criticize North Korea over a planned satellite launch.

India is currently negotiating an FTA with the UK, European Union and a widening deal with Australia.