A Remarkable Year for Vietnam's Agricultural Sector

At the export promotion conference in Ho Chi Minh City, Le Thanh Hoa, Deputy Director of the Department of Quality, Processing, and Market Development under the Ministry of Agriculture and Rural Development, emphasized that 2024 has been a standout year for Vietnam's agricultural sector, with significant growth in both production and export. The production value is projected to rise by over 3.2% compared to 2023, while export values are expected to increase by more than 18%.

Key Products and Markets

Eleven products are forecasted 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). Notably, coffee, black pepper, rubber, and rice are anticipated to experience double-digit growth rates, with coffee leading at 56.9%.

The U.S. has overtaken China to become Vietnam's largest agricultural export market, with a turnover reaching $12.3 billion in the first 11 months of the year. Following the U.S. are China, the EU, Japan, and the Republic of Korea.

Trade Surplus and FTAs

With an estimated export value of $62 billion, Vietnam has achieved a trade surplus of over $6 billion, a feat attributed to the benefits brought by the free trade agreements (FTAs) that Vietnam has signed.