Vietnam strives to earn $40 billion in agricultural exports

Nhan Dan Wednesday | 10/07/2020 14:47

Agricultural export revenues are estimated at US$30.05 billion in the first nine months of 2020. Photo: Nhan Dan

Vietnam’s agricultural exports grew 1.6% to $30.05 billion in the first nine months of 2020, bringing the full-year target of $40 billion within sight, said the Ministry of Agriculture and Rural Development.

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

Exports in August rose by 11.5 percent from the previous month while exports in September went up 30 percent 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 $12 billion.

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Source: Nhan Dan