Vietnam's agriculture sector posted a trade surplus of $8.04 billion in the first nine months of 2023, a 22.5% increase over the previous year. However, total trade turnover for the period fell by 7.5% to $68.92 billion.
Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến noted that exports decreased by 5.1%, with seafood and forest product exports dropping by 21.7% and 20.6%, respectively. On the bright side, agricultural and livestock product exports grew by 16.7% and 26.4%.
The sector's success was driven by significant growth in fruit and vegetable exports (71.8%), rice (40.4%), cashew nuts (14.3%), and coffee (1.9%). However, some agricultural products experienced price drops.
In terms of export markets, Asia and Africa saw growth, while the Americas, Europe, and Oceania reported declines. China, the US, and Japan remained the top export destinations.
Despite challenges, the agriculture sector aimed for a 3-3.5% GDP growth rate and a total export turnover of $53-54 billion in 2023. The ministry planned to leverage free trade agreements like CPTPP and EVFTA to boost key forestry and fishery product exports and support businesses in securing new contracts.
The ministry also anticipated strong growth in fruit and vegetable exports due to high demand in key markets like China, Japan, and the US, with 2023 exports potentially exceeding $5 billion.