Agro-forestry-fisheries exports top $62B in 2024

Speaking at the conference on export promotion in Ho Chi Minh City, Deputy Director of the Department of Quality, Processing, and Market Development under the Ministry of Agriculture and Rural Development Le Thanh Hoa highlighted that 2024 is a remarkable year for Vietnam’s agricultural sector, both in production and export. The production value is expected to increase over 3.2% from 2023, with exports to surge more than 18%.

Eleven products are anticipated to maintain an export value of at least $1 billion, including wood and wood products ($16.1 billion), fruits and vegetables ($7.1 billion), rice ($5.8 billion), coffee ($5.4 billion), cashew nuts ($4.3 billion), shrimp ($3.8 billion), and rubber ($3.2 billion).

In terms of growth rates, some products expected to enjoy double-digit increases are coffee 56.9%, black pepper 53.3%, rubber 24.6%, and rice 10.6%.

The U.S. has surpassed China to become Vietnam's largest agricultural export market, with a turnover reaching $12.3 billion in the first 11 months. It was followed by China, the EU, Japan, and the Republic of Korea.

With the estimated export value of $62 billion, Vietnam has posted a trade surplus of over $6 billion, Hoa noted, attributing the achievement to the advantages brought by free trade agreements (FTAs) that Vietnam has signed.