Vietnam is in a bind as stocks dropped during late Tuesday's trading session. The stock decline came despite news that the country's farming exports hiked during the January to August period.
According to local outlet Nhan Dan, the Ministry of Agriculture and Rural Development (MARD) said on Tuesday that timber and tea exports helped drive the numbers as the segments saw increases of 17.5 percent and 22.7 percent respectively.
Other key Vietnamese agricultural products that helped push the numbers up are rattan and bamboo goods as well as cinnamon that posted respective increases of 48.1 percent and 19.3 percent.
Overall, farming products that were in demand overseas hauled in $26.58 billion, a figure that accounts for 1.6 percent in growth compared to last year's records.
As part of the eight-month report on exports, the MARD revealed that the United States is now Vietnam's largest importer of farming products. China is second, while the European Union (EU) bagged the third spot.
While the Vietnamese agricultural industry has been ramping up work in key segments, stocks in the country flopped on late Tuesday as investors expressed concerns over apparent uncertainties in global markets.
According to Viet Nam News, the VN-index under the Ho Chi Minh Stock Exchange shed 0.62 percent even if it saw slight gains earlier in the day. The VN30 index also saw 18 of its giant stocks drop some points.
Among the sectors affected by the slump in Vietnamese futures are retail segments, agricultural goods, securities and insurances, properties and real estate sectors, banking, and finance, food and beverage markets, as well as tech stocks.
At the moment, investors are reportedly setting their eyes on large-cap stocks amid growing concerns over the U.S. economy and other global economies that are being impacted by multiple trade disputes.
Meanwhile, several key Vietnamese cities are working to find ways to boost exports. During the annual Export Promotion Forum at Ho Chi Minh City on Monday, analysts mulled projects that would enhance the promotion of Vietnamese exports.
Director of the HCM City Investment and Trade Promotion Center (ITPC), Pham Thiet Hoa, noted that the conference focused on finding ways of promoting Vietnamese products that are in line with current global market demands.
The forum leaders agreed that companies in Vietnam should start building their own brands as well as adopt technological advancements that will help improve production practices.
Packaging also became a topic of focus during the conference. Attendees agreed that exporters should improve their designs to have a stronger promotion position in the global stage.
