Vietnam targets US$41bil agriculture exports

Higher earnings: A farmer at a paddy field in Hanoi. Post-harvest processing is a key step in increasing the value of agricultural products. — AFP

HANOI: The agriculture sector is forecast to earn US$41bil (RM170bil) from exports this year, according to Vu Ba Phu, head of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade (MoIT).

To achieve this goal, developing processing is key to raising product value to increase export earnings, which is also in line with the government’s goal of entering the top 15 countries with advanced agriculture, and top 10 with modern farm produce processing industry.Efforts to modernise and further promote technology application in post-harvest processing have resulted in an increase of between 5% and 7% in the agriculture sector’s annual added value, pushing the average export turnover up by 8% to 10% per year.

Nguyen Thanh Tuan, deputy director of the Department of Industry and Trade in the central province of Phu Yen, said post-harvest processing is considered a key step in increasing the value of agricultural products and reducing losses, helping businesses to seek appropriate markets for their products.

The production and consumption chain model has also contributed to improving the value of products.According to Nguyen Quoc Toan, director of the agricultural products processing and development department under the Ministry of Agriculture and Rural Development (MARD), localities nationwide have attracted over 70 investment projects worth more than 59 trillion dong (US$2.54bil or RM10.52bil) in processing agro-aquaculture-forestry products since 2017.

The country earned US$22.6bil (RM93.56bil) from exporting agro-forestry-aquatic products in the first five months of 2021, up 30.1% year-on-year, the MARD reported.

The export value of key farm produce reached an estimated US$7.78bil (RM32.21bil) in January-May, 13% higher than that of the same period last year.

Meanwhile, the export of forestry, livestock and aquatic products climbed to US$7.06bil (RM29.23bil), US$166mil (RM687.24mil), and US$3.24bil (RM13.41bil), up 61.8%, 43.9%, and 12% respectively.

Joining free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the EU-Vietnam Free Trade Agreement, the UK-Vietnam Free Trade Agreement and the Regional Comprehensive Economic Partnership, has helped Vietnam’s farm produce make inroads into large markets, pushing its agricultural exports in the reviewed periods, especially aquatic products, vegetables and fruits, rice and tea.

The MARD and the MoIT have organised online conferences with localities to seek solutions to help localities in selling their farm produce amidst complicated developments of the Covid-19 outbreak.

Attention has been also paid to introducing products on prestigious e-commerce platforms such as Alibaba, Amazon, Sendo, Voso and Shopee. — Viet Nam News/ANN

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Business News

CPO futures likely to see technical correction next week
Evergrande says six execs redeemed investment products in advance
Infineon opens Austria plant early in chip capacity boost
Indonesia may reopen to tourists from some countries in October
Airbus reaches deal to restructure AirAsia jet order
Oil price falls as storm-hit US supply trickles back into market
World shares fall as markets await Fed meeting, taper timeline
Gadang’s subsidiary bags RM100mil deal
Big sales jump for EcoWorld Malaysia in Q3
The 18th entry

Stories You'll Enjoy