Hanoi (VNA)꧃ – Despite challenges posed by the world’s economic situation and natural disasters, the agricultural sector has fulfilled this year’s agro-forestry-aquatic export target of 55 - 56 billion USD one month early.

Talking to the media about notable results during the first 11 months of 2024, Deputy Minister of Agriculture and Rural Development Phung Duc Tien described agro-forestry-aquatic export as a bright spot for the agricultural sector. The 11-month export revenue hit 56.74 billion USD, rising 19% year on year and resulting in a trade surplus of 16.46 billion USD – up 52.8%. If the value is maintained at 5 billion USD in December, the whole year’s figure will surpass 61 billion USD, he noted. He said the revenue and trade surplus of the agricultural sector is considered highly important to national industrialisation and modernisation. The sector’s trade surplus often accounts for 65 - 72% of the entire economy, and the Prime Minister affirmed that this is a real source of revenue. Vietnam is unlocking the potential of its agricultural advantages, which forms a steppingstone for the sector to reach next year’s targets, Tien went on. Statistics show that between January and November, forestry products took the lead in trade surplus, at 13.05 billion USD – rising 18.7% from a year earlier. The surplus stood at 6.88 billion USD for aquatic products – up 17.5%, and 4.72 billion USD for agricultural ones – 3.1 times.

The official went on to say that during the period, exports to the US reached 12.27 billion USD, accounting for 21.7% of the total overseas shipments. A breakthrough was also recorded in shipments to China, at 12.6 billion USD – equivalent to 21.6% of total exports. In the past, export turnover to China was much lower than that to the US. But thanks to the recent signing of a series of agreements on export via the official channel to China, both export volume and value to this Northeast Asian market have increased, he said. He added the sector firmly believes that shipments to China will grow even more strongly in the coming years as Vietnam signs new protocols on selling more animal and aquatic products. Tien also highlighted the sustained export to other traditional markets like Japan, the Philippines, and the Republic of Korea. In particular, Vietnam has also begun shipping veterinary medicine, vaccines, and processed chicken meat to Halal markets.

Mentioning the adaptability of Vietnamese agricultural products to export markets with increasingly strict standards, he said that in the past, Vietnam sold what it had to other markets, but now it offers products that are in demand. The country has been stepping up trade promotion and learning more about foreign markets so as to align domestic production with requirements and standards. For the past more than 40 years, Vietnam’s key agricultural exports have kept pace with global markets. However, Tien continued, it is necessary to closely connect material production zones with processing facilities to improve alignment with global standards. He also pointed out certain limitations in terms of processing, sci-tech application, and agricultural infrastructure, adding climate change is also a challenge requiring solid response measures. Compared to other sectors, investment in agriculture remains limited. But with creativity, and enthusiasm in production and trade promotion, agricultural products will certainly reach further into global markets, according to the Deputy Minister./.