Vietnam’s Agricultural Exports Set for Record High, Eyeing US$60 Billion Despite Typhoon Impact

	Vietnam Seeks to Promote Agricultural Exports to Africa
	Great Opportunity for Vietnam to Increase Agricultural Exports to China

In its report, the Ministry of Agriculture and Rural Development said that the first nine months of this year saw farm produce exports reach US $46.28 billion, a 21% year-on-year increase. The sector also achieved a trade surplus of US $13.9 billion, up 71.2% from 2023, contributing 66.8% of the nation’s total trade surplus.

Key products like coffee, rice, cashews, fruit, shrimp, pangasius, and peppercorn boosted export growth.

Agricultural export turnover led the pack with US $24.85 billion, a 27.7% rise. Forestry and aquaculture products earned US $12.46 billion and US $7.23 billion, up 20.3% and 9.5%, respectively, while the livestock sector brought in US $376 million, a modest 3.8% increase.

Key products like coffee, rice, cashews, fruit, shrimp, pangasius, and peppercorn significantly boosted export growth. In particular, prices of several staples reached record highs, with the costs of coffee exports up by 56%, pepper by 49.2%, and rice by 13.1%.

Deputy Minister Phung Duc Tien expressed optimism that agricultural exports could achieve a record US $60-61 billion by year’s end if the growth momentum holds.

However, he noted that despite favorable trends, the sector faces serious challenges, notably the impact of Typhoon Yagi which has inflicted over US $1.25 billion in damage on the sector, with livestock and aquaculture being the hardest hit.

The high cost of production materials for aquaculture remains a pressing issue. Moreover, fourth-quarter export results for the fisheries sector will partly depend on the EU's ongoing inspection related to illegal, unreported, and unregulated (IUU) fishing, as well as US decisions regarding anti-subsidy duties on Vietnamese shrimp.

To accelerate the post-storm recovery, the official recommended further support for production revitalization and promoting effective agricultural models across localities unaffected by the typhoon.

He went on to note that to sustain domestic production, it is necessary to tighten anti-smuggling measures, limit imports, and establish a stronger foothold in the 2.2 billion-person Halal market, which has immense growth potential.

Vietnam’s agricultural exports skyrocket In the first quarter of this year, the export turnover of processed agricultural products of Vietnam reached US$166 million, an increase of 33 percent over ...

Vietnam’s agricultural exports in July reaches USD 3.4 billion According to the Ministry of Agriculture and Rural Development, Vietnam's agricultural exports in July increased 4.6% from the previous month to an estimated US$3.4 billion, ...