Fruit and vegetable exports likely to fetch US$7 billion this year

VOV| 04/11/2024 18:28

With fruit and vegetable exports soaring by over 31.5% to reach US$6.4 billion during the initial 10 months of the year, Vietnamese fruit and vegetable businesses are anticipated to rake in US$7 billion this year, according to the Vietnam Fruit and Vegetable Association (Vinafruit).

At present, the industry has fulfilled the target of earning between US$6 billion and US$6.5 billion set for this year, and exceeded the US$5.7 billion export earnings last year.

Fruit and vegetable exports to all markets enjoyed double digit growth in the reviewed period, with the highest growth recorded in markets such as Thailand, the Republic of Korea, Germany, and Canada.

Most notably, China remained the largest consumer of Vietnamese fruit and vegetables with US$4.2 billion, representing a rise of 38% compared to the same period last year and accounting for 47% of the total export turnover.

Thailand surpassed the United States to become the second largest importer of Vietnamese products, with turnover of US$225 million, up 87%.

The US, the Republic of Korea, and Japan also recorded double-digit growth rates.

Durian was a major contributor to the industry with revenue hitting US$3.1 billion, accounting for nearly 50% of total export turnover.

Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), predicts that this year's durian export turnover could reach US$3.5 billion, up 45% compared to last year.

Insiders also attributed the industry’s export growth of over 30% to advantages in tropical climate and fertile land, as well as the application of scientific and technological advances in production activities, including VietGAP and Global GAP which have met the stringent requirements set in the world’s most demanding markets.

Furthermore, the country also enjoys advantages of close geographical location to the Chinese market, the world's largest fruit consumer market with an annual demand of up to US$20 billion, resulting in low logistics costs.

However, Nguyen pointed out a number challenges faced by businesses, noting that exports to distant markets such as the US and EU require good preservation technology.

Vietnam’s fruit and vegetable preservation technology remains limited, while infrastructure is not yet synchronized, leading to difficulties when it comes to transporting and preserving products, said the Vinafruit leader.

Therefore, he suggests that local firms improve product quality by complying with strict regulations relating to quality and origin traceability in order to make further inroads into fastidious markets.

Theo vov.vn
https://vov.vn/en/economy/fruit-and-vegetable-exports-likely-to-fetch-us7-billion-this-year-post1133140.vov
Copy Link
https://vov.vn/en/economy/fruit-and-vegetable-exports-likely-to-fetch-us7-billion-this-year-post1133140.vov
    • Tây Ninh helps Cambodia put out casino fire
      Tây Ninh Province has helped the Cambodians put out a fire at a casino in Tbong Khmum Province and rescue four trapped employees.
    • Keeping the peace
      Over the past ten years, more than 150 Vietnamese female soldiers have joined UN peacekeeping missions, often deploying to harsh, high-risk areas such as the Central African Republic, South Sudan and Abyei. Braving intense heat and conflict, they risk their lives to support local communities and share the indomitable spirit of Việt Nam.
    • RoK cosmetics industry seeks to increase market share in Vietnam
      The Namdong National Industrial Complex in Incheon city, the Republic of Korea, on November 4 announced the establishment of a market development research group consisting of 15 companies to support local small and medium-sized cosmetic enterprises in expanding operations into the Vietnamese market, according to Vietnam News Agency.
    • Motorcycles should be the focus of traffic safety programmes: experts
      With nine out of ten vehicles on the road being motorcycles, Việt Nam has made significant policy improvements to raise awareness, upgrade infrastructure and reduce traffic injuries.
    • Real estate tycoon appeals death sentence
      The HCM City People’s High Court on Monday began deliberations regarding property tycoon Trương Mỹ Lan’s appeal against her death penalty verdict rendered at a trial earlier this year for massive fraud.
    • Two HCM City firms fined for selling unverified gold on social media
      Two gold trading firms in HCM City have been fined VNĐ200 million (US$7,800) for selling unverified gold on platforms such as TikTok and Zalo.
    Highlighted VietBao
    Don't miss
    Fruit and vegetable exports likely to fetch US$7 billion this year
    POWERED BY ONECMS - A PRODUCT OF NEKO