Positive growth in Q1, agriculture sector confident of achieving 2024 target

DNHN - Despite facing many challenges such as saltwater intrusion, disease and the return of some export shipments, Vietnam’s agricultural sector has still seen positive growth.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the positive growth in Q1 has created favourable conditions for the agricultural sector to be confident in achieving the target of exporting $54-55 billion worth of agricultural products this year.

Although Vietnam’s agricultural sector has faced many challenges such as saltwater intrusion, disease and the return of some export shipments, it has still seen positive growth. The growth rate of agricultural, forestry and fishery production value in the first quarter of the year was 2.98%, the highest level recorded in many years.

All export groups increased, contributing to raising the total export value of agricultural, forestry and fishery products to $13.53 billion, an increase of 21.8% over the same period last year. The trade surplus of the agricultural sector in Q1 reached $3.36 billion, an increase of 96.5%, accounting for 41.5% of the total trade surplus of the entire economy.

The credit package of VND15,000 billion with preferential interest rates has helped forestry and fishery enterprises, helping commodities that declined last year to start showing signs of recovery. The export value of seafood and forestry products in Q1 both increased compared to the same period last year.

Currently, there are 4 agricultural products with export values of over $1 billion, namely wood, vegetables, rice and coffee. These are positive signs that the agricultural sector can achieve the export target of $54-55 billion this year.

Which, China and the US are the two largest agricultural product consumption markets in Vietnam. With the Chinese market, Vietnam has an advantage in logistics and has signed many agricultural product export protocols. Commodities such as frozen durian, shrimp and fresh coconut are carefully prepared to exploit the potential of this market.

In the first quarter, the export value to the Chinese market accounted for 20.2%, the US accounted for 19.9%, Japan accounted for 7%, the Philippines accounted for about 4.3%, and South Korea accounted for 3.7%. These are markets where Vietnamese agricultural products have great advantages, and it is necessary to strengthen restructuring to increase product value and take advantage of advantages.

P.V