With the right blend of focus, support and adaptability, Vietnam should represent an attractive growth opportunity for Australia's AgTech innovators, according to director at Beanstalk Agtech and Global Program Lead for GRAFT Vietnam Challenge 2021 Justin Ahmed.

Vietnam looks to connect 5 million farming households to e-commerce platforms this year, which would create breakthroughs in the development of the digital economy in the agriculture sector, Deputy Minister of Information and Communications Pham Anh Tuan said.

The agriculture sector became the economy's bright spot in the first seven months of this year, posting a trade surplus of US$3.9 billion in the period.

The second National Food Systems Summit Dialogue was held by the Ministry of Agriculture and Rural Development (MARD), in partnership with a number of ministries, the UN in Vietnam and international development partners in Hanoi on July 16.

According to the State Bank of Vietnam’s department of credit for economic sectors, as of April credit injected into rural and agricultural development had reached VND2.3 quadrillion (US$100 billion), or 24.6% of the banking sector’s total loans.

Export turnover in agriculture, forestry and fisheries reached US$24.23 billion in the first half of 2021, up 28.2% year-on-year.

Representatives of the agriculture sector of Vietnam and Australia have agreed to accelerate work to allow the import of more farm produce of each other at the recent third Vietnam – Australia agriculture forum.

The agricultural sector has disbursed about VND3.52 trillion (US$152.98 million) of public investment in the first six months of 2021, completing 35.83% of its yearly target, according to the Ministry of Agriculture and Rural Development (MARD).

The Ministry of Agriculture and Rural Development is working to promote the distribution of farm products amid the fourth outbreak of COVID-19 in Vietnam as well as to establish a resilient agriculture sector.

The agricultural sector needs to focus on developing raw materials to reduce the dependence on imports as well as improve processing capacity, experts said.