Vietnam has recorded many encouraging achievements in farm produce exports but challenges remain for the sector as sustainable development and environmental protection become inexorable trends in most of the country’s export markets, a seminar in Ho Chi Minh City on September 14 heard.
Export revenue of agriculture, fisheries, and food has seen double-digit growth in recent years, reaching $53.2 billion in 2022, a year-on-year rise of nearly 10 per cent, Ms. Nguyen Thao Hien, Deputy Director of the Department of European-American Markets at the Ministry of Industry and Trade, told the seminar, which sought solutions to help Vietnamese farm produce and processed foods penetrate into foreign supply chains.
Revenue is forecast to hit $50 billion this year despite the difficulties facing the market, especially high inflation in key markets.
Vietnam is among the global top 3 suppliers of coffee, ranks first in cashew nuts and pepper, and third in rice.
In the first eight months of the year, China, the US, and Japan were again the country’s largest agriculture export markets, accounting for 21.9 per cent, 20.6 per cent, and 7.6 per cent of total agriculture export revenue, respectively.
However, Ms. Hien said the challenges remain significant. Many countries have changed their legal framework, with new regulations on sustainable development and environmental protection, she said.
In order to meet requirements and maintain and develop markets, she suggested that companies in the sector shift to green growth and apply circular economy models.