According to information from the Ministry of Agriculture and Rural Development, our country’s agricultural, forestry and fishery exports brought in more than 62 billion USD this year.
2024 is a year of impressive development for Vietnam’s agricultural sector in both production and export. Production value will grow by over 3.2%; agricultural, forestry and fishery export turnover is estimated at over 62 billion USD, an increase of over 18% compared to 2023.
Of which, 11 items continued to maintain an export turnover value of over 1 billion USD, 7 items achieved an export turnover of over 3 billion USD (wood and wood products estimated at 16.1 billion USD, vegetables and fruits estimated at 7.1 billion USD, rice estimated at 5.8 billion USD, coffee estimated at 5.4 billion USD, cashew nuts estimated at 4.3 billion USD, shrimp at 3.8 billion USD, rubber estimated at 3.2 billion USD).
In terms of growth rate, exports of vegetables, rice, coffee, cashew nuts and pepper all achieved double digits: coffee increased by 56.9%, pepper increased by 53.3%, rubber increased by 24.6%, rice increased by 10.6%.
In terms of market, the United States has surpassed China to become Vietnam’s largest agricultural, forestry and fishery export market with a turnover of 12.3 billion USD (11 months of 2024); China ranked second with 12.2 billion USD; followed by the EU, Japan, South Korea…
The target set for agricultural, forestry and fishery exports in 2025 is 55 billion USD. However, up to now, the export value has far exceeded the target, reaching more than 62 billion USD; of which, the trade surplus value reached over 6 billion USD.
This result has positive contributions from Free Trade Agreements (FTAs), opening markets, reducing tariffs on many products to low or 0%. At the same time, negotiations to open markets and promote trade have also been actively implemented by ministries and branches, helping agricultural products, especially Vietnamese fruits, to reach further and further.
The United States is a country with a large population and high consumer demand, so there is still room for growth in many products, especially seafood, wooden furniture, coffee, pepper and especially tropical fruits. The demand for vegetables and seafood in China is also expected to increase sharply, with vegetables increasing by 6.64% per year and seafood increasing by 7.56% per year in the period 2024-2029.
With a favorable geographical location, Vietnamese agricultural products such as vegetables, fruits, seafood, etc., when transported to China, still retain their natural quality and freshness at reasonable prices. China also has a need to import large quantities of rubber and cassava due to limited domestic supply.
Besides, for traditional export markets, in the coming years, Vietnamese agricultural products will also have more opportunities to expand export markets to potential regions such as the Middle East and some African countries.