The majority of garment businesses have received orders to be fulfilled until September-October and even beyond. However, prices continue to be impacted by the lingering market effects of 2022-2023.

According to Secretary General of the International Maritime Organisation (IMO), Arsenio Dominguez, attacks against seafarers in the Red Sea causing such incidents as the sinking of Rubymar and the True Confidence attack pose serious threats to global maritime security, as well as the security and maritime trade for the coastal states in the region.

The body of Dang Duy Kien, one of the three sailors killed in a missile attack on True Confidence, a Barbados-flagged cargo ship, by Houthi forces off the coast of Yemen on March 6, were brought back to Vietnam on March 24.

The Vietnamese Embassy in Egypt and Djibouti is working hard to complete necessary procedures to repatriate Vietnamese sailors working on the Barbados-flagged True Confidence cargo ship that was struck by a Houthi ballistic missile off the coast of Yemen on March 6.

Logistics costs have been a headache to the Vietnamese agricultural sector as they account for a lion share in the price of agricultural products.

A Vietnamese diplomat has voiced deep concern over the continued complex developments in the Middle East, particularly the escalating conflicts in the Gaza Strip, stressing the urgency for an immediate ceasefire.

The tension in the Red Sea, which has led to increases in logistic costs and shipping time, is forecast to affect Vietnamese exporters of garment, textile, footwear and leather products from the second quarter of 2024 if it persists.

Vietnamese firms exporting to Europe and North America’s East Coast are being affected by Red Sea route changes, according to the Shinhan Securities Vietnam (SSV).

Thai exporters have been urged to promptly refine their export strategies given the escalating situation in the Red Sea that is affecting shipping costs and available vessel space while extending shipping duration.

Vietnamese exporters are recommended to gear up and act flexible with response measures in the face of transport disruption in the Red Sea.

The slowdown in global economic recovery, rice export restrictions, and COP28’s historic deal to phase out fossil fuels are among the most notable events of the world’s economy in 2023 as selected by the Economic News Department of the Vietnam News Agency.