Agro-forestry-fishery exports likely to hit US$54-55 billion

The agro-forestry-fishery sector is likely to earn US$54-55 billion in export revenue this year as assigned by the Prime Minister.

Vietnam's rice exports forecast to surpass 8 million tons this year. (Photo: VNA)

With trade promotion activities intensified, the agro-forestry-fishery sector is likely to earn US$54-55 billion in export revenue this year as assigned by the Prime Minister, according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

In the first quarter of this year, total export turnover from the sector was estimated at US$13.53 billion, up 21.8 percent year-on-year.

Four agricultural commodities recorded an export value of over US$1 billion each and had impressive year-on-year growth rates, including wood (US$2.32 billion, up 26.8 percent), vegetables and fruits (US$1.23 billion, 25.8 percent), rice (US$1.37 billion, 40 percent), and coffee (US$1.9 billion, 54.2 percent).

The Ministry of Agriculture and Rural Development predicts that Vietnam will see many opportunities in rice export this year, and ship over 8 million tons of the grain abroad.

The Vietnam Food Association forecasts a bright outlook for rice export in 2024 as demand from major consumer markets in Southeast Asia such as Indonesia, the Philippines, and Malaysia, and China and Africa increases due to concerns that the El Nino phenomenon will last until mid-2024. Domestic rice prices are also predicted to remain high.

Vegetable and fruit exports are also expected to surpass the record set in 2023 to possibly hit US$6.5 - 7 billion.

Recently, the Plant Protection Department requested localities and their relevant agencies to review growing areas and packaging facilities for fresh coconuts and frozen durians exported to China, with an aim to speeding up the process of opening the market for Vietnamese fresh coconuts and frozen durians to China and preparing all conditions for registration of planting area and package facility codes after the two countries sign related protocols.

If Vietnamese frozen durian and fresh coconut are allowed to be shipped to China early, fruit and vegetable exports will continue to have a strong breakthrough, said Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association.

In the first quarter, Vietnam saw an increase of 1.9 percent in fishery exports to US$1.86 billion.

Experts said that the sector’s markets have not completely recovered, as there are still challenges, barriers, and competitive pressures with other countries.

Therefore, Vietnamese businesses need to be ready to face challenges and overcome barriers, and proactively seek customers from international seafood fairs and expos in the US, Europe, Japan, and the Republic of Korea to be able to recover and thrive sooner.

Other news