In a recent announcement, Deputy Minister of Agriculture and Rural Development, Phung Duc Tien, expressed confidence that Vietnam's agro-forestry-fishery exports are poised to meet the target of $54-55 billion set by the Prime Minister for this year.
The first quarter of 2024 witnessed a substantial increase in total export turnover from the sector, estimated at $13.53 billion, marking a significant 21.8% year-on-year growth.
Notably, four agricultural commodities have emerged as key contributors to this growth, with export values exceeding $1 billion each. These commodities include wood ($2.32 billion, up 26.8%), vegetables and fruits ($1.23 billion, 25.8%), rice ($1.37 billion, 40%), and coffee ($1.9 billion, 54.2%).
The Ministry of Agriculture and Rural Development anticipates a promising outlook for rice exports this year, with projections of over 8 million tonnes of rice being shipped abroad. The Vietnam Food Association echoes this optimism, foreseeing increased demand from major consumer markets in Southeast Asia, China, Africa, and beyond.
Similarly, vegetable and fruit exports are expected to surpass the record set in 2023, possibly reaching $6.5 - 7 billion. Efforts are underway to expedite the process of opening the Chinese market for Vietnamese fresh coconuts and frozen durians, which could further boost fruit and vegetable exports.
In the fishery sector, the first quarter saw a 1.9% increase in exports to $1.86 billion. However, challenges persist as markets continue to recover from disruptions. Vietnamese businesses are urged to proactively seek opportunities at international seafood fairs and expos in key markets such as the US, Europe, Japan, and South Korea.
The outlook for Vietnam's agro-forestry-fishery exports remains optimistic, with concerted efforts underway to capitalize on emerging opportunities and navigate existing challenges.
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