Vietnam's agriculture defies historic drought as exports up 10pct

By Ha Phuong   June 7, 2016 | 11:57 am GMT+7

In the first five months of 2016, export value of fishery products, vegetables and rice have seen an overall increase of 9.5 percent compared to the same period last year despite historic drought in southern Vietnam which has cost the country's $669 million in agricultural losses.

Export turnover reached $67.7 billion, marking an increase of 6.6 percent on-year, of which domestic firms accounted for $19.4 billion, up 3 percent, and the FDI sector (including crude oil) made $48.3 billion, rising 7.7 percent.

During the first five months of 2016, agricultural export value went up by 9.5 percent, mostly thanks to vegetables which rocketed by 53.7 percent, while crude oil plummeted 50 percent.

Imports of plastics and plastic products rose by 18.4 percent in value, but assembled automobiles fell 23 percent.

From January to May, Vietnam ran big trade deficits with China and South Korea, but experienced large trade surpluses with the U.S. and the European Union.

Source: General Statistics Office