Vietnam on course to earn US$40 billion in agricultural exports
admin 6-10-2020, 18:11

Agricultural export revenues are estimated at US$3005 billion in the first nine months of 2020.

NDO – Vietnam’s agricultural export revenues grew by 1.6% to US$3005 billion in the first nine months of 2020 bringing the full-year target of US$40 billion within sight, according to the Ministry of Agriculture and Rural Development.

Deputy Minister Phung Duc Tien said Vietnam’s farming exports to the EU have reached US$766.3 million since the EU-Vietnam free trade agreement (EVFTA) came into force on August 1.

Exports in August rose by 11.5% from the previous month while exports in September went up 30% over July.

In order to take advantage of the EVFTA, the deputy minister said Vietnam’s agricultural sector needs to standardise its production processes from the preparation of seeds and offspring to final processing.

Vietnam’s rice output in 2020 is projected to reach over 43 million tonnes despite a slight decrease in the total cultivation area to 7.2 million hectares due to crop switching due to saltwater intrusion.

The country’s fishing industry is also implementing various measures recommended by the EU in order to remove its “yellow card” warning and work towards sustainable development.

Due to the coronavirus pandemic, Vietnamese wood processors have been struggling with numerous order cancellations or late payments but the deputy minister stated that forestry export revenues will undoubtedly meet the target of US$12 billion.