Surge in vegetable, rice, coffee orders signals prosperous year
Vegetables, rice, and coffee have seen a surge in orders right from the beginning of 2024, signaling a busy year ahead despite challenges in the global trade.
Chairman of the Vina T&T Group Nguyen Dinh Tung revealed that his company recently shipped durian to China, six tonnes of An Giang mango to Australia and one tonne to the US, among other markets.
He expressed his hope to maintain a double-digit export growth this year.
Successful negotiations to open markets for diverse agricultural products in China, with its massive population, played a pivotal role in the substantial growth of fruit and vegetable exports that reached US$5.6 billion last year.
The coffee sector, facing concerns about supply shortages from major global producers and disruptions in the Europe-Asia maritime transport route through the Suez Canal, not only welcomed new export orders but also witnessed an increase in export prices early this year.
The overall prosperity in the export of various agricultural products is also anticipated to continue thanks to improving production, processing, and supply.
Though the Vietnamese farm produce are available in 190 countries, their shares remain relatively modest in major markets, particularly in China, constituting only 5% of its total agricultural import volume.
Dang Phuc Nguyen, Secretary-General of the Vietnam Fruit and Vegetables Association, highlighted that Vietnam has signed 16 free trade agreements (FTAs), with 15 currently in effect. This has created advantages to fruit and vegetable exports through tariff preferences, thereby improving the competitiveness of Vietnamese enterprises.
According to the Ministry of Agriculture and Rural Development, Vietnam can potentially export over 8 million tonnes of rice while still ensuring food security this year. Amid global uncertainties in rice supply, the Vietnamese grain prices are expected to benefit, leading to a boost in export revenue.
Vegetables, rice and coffee generated a record export revenue exceeding US$14 billion last year. With a steady influx of orders, they are poised to earn an estimated US$17-17.5 billion this year.
