Agricultural sector advised to tap into FTAs to boost exports

The tasks were unveiled at a conference held in Hanoi on January 13 in order to review the numerous achievements of the agricultural sector in the presence of Prime Minister Pham Minh Chinh and Minister of Agriculture and Rural Development Le Minh Hoan.

Statistics show the sector’s added value last year reached 3.36%, recording its highest increase over recent years.

Agro-forestry-fishery exports for 2022 surged by 9.3% year-on-year to US$53.22 billion, resulting in the trade surplus of over US$8.5 billion, making up over 75% of the entire economy’s total trade surplus. 

Most notably, the sector has been proactive in simplifying administrative reforms, improving the local business climate, ramping up trade promotion, and strengthening linkages of agricultural product value chains as a means of boosting exports.

Amid global difficulties including inflationary pressure, high production costs, climate change impact, as well as the impact of the Russia – Ukraine conflict, the entire sector’s growth rate is estimated to stand at 3.0% this year, with agro-forestry-fishery exports expected to bring in US$54 billion.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien revealed that the current export market structure to China, the United States, Europe, Japan, and the Republic of Korea accounts for 19.2%, 24.5%, 40%, 8%, and 4.7%, respectively.

He went on to underscore the importance of brand development as a way of further increasing exports via official channels moving forward.

Industry insiders also emphasised the necessity of enhancing the application of high technology in production, improving the overall quality of human resources, and actively getting involved in international integration in future.