In 2016, the agriculture sector grew 1.4% from minus 0.18% in the previous year thanks to improvements in animal husbandry, aquaculture and several other industries. Agro-forestry and seafood revenues increased 6% to about US$28 billion.
Economists say one factor is farmers’ easier access to government credits.
“The State Bank is giving priority to agriculture, focusing on large-scale production to increase connectivity with the global value chain. We’ll continue to streamline loan procedures for our clients”, said Tran Van Tan, Chief of the Agriculture Credit Section of the State Bank of Vietnam.
Credits for agriculture and rural development have risen 17% on average over the past few years.
Truong Thi Mai, Head of the Party Central Committee’s Commission on Mass Mobilization, suggested measures to further boost agricultural production during a recent meeting with the Ministry of Agriculture and Rural Development.
“The public should be encouraged to take part in agriculture restructuring and building new-style rural areas. This effort can be measured by people’s satisfaction index," said Ms Mai.