Vietnam to boost agricultural production and exports

Vietnam News reported on July 18 that in the first six months of 2022, Vietnam’s plantation sector accounted for 43.27% of the total value of the agriculture, forestry and water industry; exports amounted to US$11.37 billion, accounting for 40.8% of the industry’s exports, according to the Ministry of Agriculture and Rural Development.

In the first half of this year, Vietnam’s rice exports amounted to about 3.52 million tons, an increase of 16.2%; exports amounted to $1.72 billion, up 4.6% year-on-year. In terms of price, rice prices are still at a low level. The price of rice with 5% broken rice is $420 per ton, far below the price of $470 per ton in 2021. On the market side, steady demand from the Philippines, China, Africa and Cuba markets contributed to the export performance in the first six months of 2022. Rice exporters said they expect market demand to remain good in the second half of the year.

In addition, the Ministry of Agriculture and Rural Development issued certificates for nearly 200 rice varieties exported to Europe in time for tariff quota benefits in the first half of the year. Fruits such as Vietnamese passion fruit and durian can also be exported to China. The production and export value of some perennial cash crops have increased, such as: pepper production exceeded 280,000 tons and exported 125,000 tons; $566 million was sold and the export value increased by 14 percent.

According to the Ministry of Agriculture and Rural Development, the current epidemic remains complicated, the Russia-Ukraine conflict has pushed up logistics costs, gasoline, fertilizer and raw material prices have risen, and supply chain disruptions have put pressure on agricultural cultivation. In the future, Vietnam will promote the production of input raw materials; restructure, improve quality and reduce production costs through the application of technology and digital transformation. Deputy Minister of Agriculture and Rural Development Le Quoc Binh pointed out that climate change has brought challenges to national production and regions should take the initiative to develop specific production plans; meanwhile, working groups should be set up to urge production to proceed as planned; and to improve quality while also reducing costs to improve competitiveness.

Source: Economic and Commercial Section of the Embassy in the Socialist Republic of Vietnam

Post time: Jul-26-2022