According to the Vietnam Tea Association, in 2015 Vietnam plans to plant 130,000 ha of tea, making about 260,000 tonnes of dried tea leaves. At present, there are about 2 million workers in mountainous and midland remote areas living mainly on tea. But the export value of Vietnamese tea products equals to only 60% of the average world prices.
Two-way trade between Vietnam and Malaysia hit US$2.142 billion in the first quarter of 2013, a year-on-year increase of 36.5 percent.In January-March period, Vietnam earned US$1.152 billion from exports to Malaysia while importing more than US$990 million of goods from the regional country.
Despite the short-term approach of price competition among agricultural exports, this is quite common in Vietnamese enterprises. Rather than compete on quality or brand, enterprises are now scrambling to compete on price. This approach decreases the profitability of businesses and manufacturers. The biggest losses are suffered by the agricultural economy with the biggest labour proportion in Vietnam. It will also obstruct economic growth.
According to the press release of Singapore Ministry of Trade and Industry on 12 April 2013, based on advance estimates, in the first quarter of 2013, the Singapore economy contracted by 0.6 per cent compared to that of 2012.
Garment exports in the first quarter of this year hit US$3.79 billion to maintain its leading position, said Le Tien Truong, Deputy Director General of Vietnam National Textile and Garment Group (Vinatex).