Prospects for Vietnam’s agro-forestry-fishery exports

Vietnam’s agro-forestry-fishery exports continue last year’s growth. In the first 2 months of this year the sector earned 6.1 billion USD, up more than 30% from last year.
prospects for vietnams agro forestry fishery exports

According to the Ministry of Agriculture and Rural Development, Vietnam earned US$419 million from rice export in the first 2 months of this year, 34% higher than last year. Other farm produce saw increases in both export volume and value, including coffee, tea, cashew nuts, vegetables, cassava, and cassava products.

Vietnam earned US$555 million from cashew nut exports and more than US$670 million from vegetables and fruits.

According to the IMF’s Global Economic Outlook 2018, the global economy is likely to maintain a growth rate of 3% this year.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will benefit Vietnam’s exports of garments, textiles, leather footwear, and aquatic and agricultural products.

But to increase exports, Vietnam needs to meet import standards set by CPTPP member countries and other demanding markets like the US, South Korea, and the EU.

Nguyen Hoang Thuy, Trade Counselor in Australia, said “We want to be regularly updated on the integration process of the domestic market and participate in meetings between the Ministry of Agriculture and Rural Development and foreign partners on agro-forestry-fishery exports.”

In the sector’s restructure plan until 2020, the Ministry will focus on improving productivity, quality, efficiency, and competitiveness of farm produce to achieve sustainable growth.

Minister of Agriculture and Rural Development Nguyen Xuan Cuong said, “We call for close coordination between Vietnam’s ministries, agencies, and sectors and trade offices abroad to boost farm produce exports to wider markets.”

Vietnam’s farm produce has been exported to 180 countries and territories around the world. Vietnam is among the world’s 15 biggest agricultural exporters.

In 2018, the Ministry of Agriculture and Rural Development hopes to earn US$41 billion in export turnover, of which the farming sector will contribute more than US$21 billion, seafood about US$9 billion, forestry products US$8.5 billion, and other sectors US$1.5 billion.

Source: VNA

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