Vietnam’s agricultural, forestry, and fishery exports have shown strong growth momentum, achieving significant results in the first eight months of 2024. Phùng Đức Tiến, Deputy Minister of Agriculture and Rural Development, detailed this breakthrough achievement in an interview with Vietnam News reporter Tố Như. According to statistics, the export value of agricultural, forestry, and fishery products has already surpassed $40 billion in the first eight months of this year, with the full-year target expected to reach $54 billion.

Looking at monthly data, in August 2024, the export value of agricultural, forestry, and fishery products reached $5.55 billion, an increase of 12.3% compared to the same period last year. Key agricultural products exports amounted to $2.99 billion, up 22.6%; forestry products exports reached $1.45 billion, up 4.7%; and fishery products exports totaled $900 million, up 5%. However, livestock product exports decreased by 4.8% to $46.5 million, and production input exports fell by 23% to $161 million.

Cumulatively for the first eight months of 2024, Vietnam’s total agricultural, forestry, and fishery product exports reached $40.08 billion, an increase of 18.6% year-on-year. Specifically, agricultural product exports amounted to $21.32 billion, up 24%; forestry product exports reached $10.97 billion, up 19.7%; fishery product exports totaled $6.23 billion, up 7.6%; and livestock product exports marginally increased by 0.3% to $324 million. Notably, the total export value of production inputs decreased by 6.8% to $1.23 billion.

Among the main export products, wood and wooden products performed exceptionally well, with export value reaching $10.24 billion, a year-on-year increase of 20.6%. Coffee exports amounted to $4.03 billion, up 36.1%; rice exports reached $3.85 billion, up 21.7%; cashew nut exports totaled $2.77 billion, up 21.7%; and fruits and vegetables exports amounted to $4.63 billion, up 30.6%. In the aquatic products sector, shrimp exports reached $2.41 billion, up 9.5%, while catfish exports totaled $1.2 billion, an 8.2% increase from last year.

Regarding product prices, the average export prices of most major agricultural products showed an upward trend. The average export price of rice reached $625 per ton, up 14.8%; coffee reached $3,805 per ton, a significant increase of 54.5%; rubber prices reached $1,567 per ton, up 16.6%; pepper prices reached $4,810 per ton, up 47%; and tea reached $1,756 per ton, a slight increase of 2.2%. However, the average export price of cashew nuts slightly decreased by 1% to $5,701 per ton compared to the same period.

In terms of export market distribution, Vietnamese agricultural, forestry, and fishery products achieved growth in all major global markets. In the first eight months of 2024, exports to Asia reached $19 billion, up 15.7%; sales to the Americas reached $9.3 billion, up 22.3%; sales to Europe reached $4.8 billion, up 30.5%; exports to Africa reached $747 million, up 5.5%; and exports to Oceania reached $563 million, up 12.8%.

Among the main export destinations, the United States, China, and Japan continue to occupy the top three positions. Exports to the U.S. accounted for 21.4% of the total, increasing by 23.5%; exports to China accounted for 20.4%, up 10.2%; and exports to Japan accounted for 6.7%, up 4.6%. This indicates that Vietnamese agricultural, forestry, and fishery products continue to enhance their competitiveness in key markets.

Recently, Vietnam’s Ministry of Agriculture and Rural Development signed three important protocols with China’s General Administration of Customs, allowing the export of frozen durian, fresh coconuts, and farmed crocodiles to the Chinese market. This breakthrough opens up new export potential for these specific products. For the durian industry, Vietnam has established raw material growing areas with different varieties, cultivation techniques, planting area codes, and packaging facility codes, preparing frozen durian for entry into the Chinese market.

The coconut industry also shows great potential, with a current planting area of 199,100 hectares and an annual output of about 2 million tons. As for the crocodile farming industry, gaining access to the Chinese market not only brings economic opportunities but also promotes the sustainable development of Vietnam’s crocodile farming industry, benefiting environmental and animal welfare standards.

The Mekong Delta, as Vietnam’s agricultural heartland, supplies 60-65% of the country’s rice, seafood, and fruit exports. Recognizing the region’s importance, the Vietnamese government is implementing logistics projects in multiple provinces, including the construction of cold storage facilities and infrastructure related to preliminary processing and packaging. These initiatives aim to further enhance the export competitiveness of agricultural products from the region.

Regarding the “One Commune One Product” (OCOP) program, Vietnam currently has over 13,000 OCOP products rated three stars and above. Although this is a significant achievement, trade promotion efforts and production scale for these products remain limited. Integrating OCOP products into global market distribution chains still faces challenges in promotion, branding, and image building.

Key points:

• Vietnam’s agricultural, forestry, and fishery product exports reached $40.08 billion in the first eight months of 2024, an 18.6% year-on-year increase, with the full-year target expected to reach $54 billion.
• Major agricultural products such as wood, coffee, rice, fruits, and vegetables all achieved double-digit export growth, with average export prices increasing for most products.
• Vietnamese agricultural, forestry, and fishery products achieved growth in all major global markets, with the United States, China, and Japan remaining the top three export destinations.
• Frozen durian, fresh coconuts, and farmed crocodiles have been approved for export to China, opening up new markets for these products.
• The government is working to improve agricultural infrastructure in the Mekong Delta region to further enhance export potential.
• While OCOP products have achieved success, they still face challenges in international market promotion and scaling up production.

Want to delve deeper into Vietnam’s agricultural development strategies and regional economic dynamics? Our professional team constantly monitors the pulse of the Vietnamese market, providing you with the latest and most comprehensive industry insights. Feel free to contact our Vietnam market expert, Jaycy, for personalized consulting services. Don’t forget to subscribe to our “Vietnam Information Column” for regular updates on exclusive analyses and investment opportunities!