Vietnam's agri trade surplus hits $18 bln in 2024

Exports of agro-forestry-aquatic products have created a breakthrough for Vietnam this year, generating $62.5 billion, up 18.7% year on year, with a record trade surplus of $17.9 billion.

The trade surplus marks a remarkable 46.8% growth rate compared to the previous year, according to the Ministry of Agriculture and Rural Development (MARD).

Key agricultural products raked in $32.8 billion (up 22.4%), while livestock products earned $533.6 million (up 6.5%); forestry products, $17.28 billion (up 19.4%), and aquatic products $10.07 billion (up 12.2%).

Seven product groups recorded export turnover exceeding $3 billion, including timber and wooden products ($16.2 billion), fruits and vegetables ($7.12 billion), rice ($5.75 billion), and coffee ($5.48 billion).

Deputy Minister of Agriculture and Rural Development Phung Duc Tien attributed these achievements to strategic adjustments in the sector's economic structure, aligning production with market demands and increasing the focus on sub-sectors and products with high competitiveness and values.

Since 2023, MARD has implemented projects to boost exports to major markets such as the U.S, China, Japan, and the EU. Simultaneously, the ministry has explored new potential markets and negotiated contracts for 2024, yielding significant results.

It has emphasized trade promotion mechanisms, market access negotiations, and market development to drive exports. Efforts have also included addressing food safety concerns, responding to warnings on shipments in importing countries, and collaborating with embassies and trade counselors.

Additionally, the ministry has enhanced the role of Vietnam's agricultural counsellors abroad to strengthen communication channels and promote market information exchanges.

Alongside traditional markets like China, the U.S, the EU, and Japan, the ministry has actively targeted emerging markets, including Halal food markets, the Middle East, and Africa, since the start of the year.

MARD has prioritized IT applications to gather market data, forecast the agricultural market's situation, and guide production strategies. Relevant units have ramped up research and forecasting efforts to ensure timely direction for production and consumption.

Furthermore, the ministry has implemented measures to manage trade remedies and technical barriers, ensuring compliance with international commitments. It has also negotiated mutual recognition agreements and provided businesses with support in resolving trade disputes, reducing risks associated with global integration. By leveraging free trade agreements (FTAs), the sector has expanded market access and driven export growth.