Vietnam’s agro-forestry-fishery export earnings hit record high of US$62 billion

Although the 2025 export target for the sector was set at US$55 billion, 2024’s exports exceeded expectations, reaching more than US$62 billion with a trade surplus of more than US$6 billion, reveled Le Thanh Hoa, a MARD official, at a national conference in Ho Chi Minh City on December 16.

Among key export items, 11 products maintained export values exceeding US$1 billion each and 7 products surpassed US$3 billion each. These key contributors include wood and wood products (US$16.1 billion); fruits and vegetables (US$7.1 billion); rice (US$5.8 billion); coffee (US$5.4 billion); cashews (US$4.3 billion); shrimp (US$3.8 billion); and rubber (US$3.2 billion).

Notably, items demonstrating remarkable export growth include coffee (up 56.9%), pepper (up 53.3%), rubber (up 24.6%), and rice (up 10.6%).

The United States surpassed China as the largest market for Vietnam’s agricultural, forestry, and fishery exports, reaching US$12.3 billion in 11 months of 2024. China followed closely with US$12.2 billion, trailed by the European Union, Japan, and the Republic of Korea.

These impressive results reflect not only the contribution of free trade agreements (FTAs) but also the concerted efforts in negotiating market access and promoting Vietnamese agricultural products globally, said Hoa, who is deputy director of the Department of Quality, Processing, and Market Development.

In his opinions, Vietnam has leveraged free trade agreements to lower or eliminate tariffs, enhancing competitiveness and access to global markets. Active trade promotion and market-opening agreements significantly boosted exports, particularly for Vietnamese fruits like durians and passion fruit.

Nguyen Anh Phong, deputy director of the Institute for Policy and Strategy for Agriculture and Rural Development, predicted that Vietnam’s agricultural exports are likely to see strong growth in the first quarter of 2025 due to a rise in global demand for food imports and supply chain disruptions caused by armed conflicts and trade competition among major countries.

He said the US market, with its large population and high consumption demands, presents significant growth opportunities for Vietnamese agricultural products such as seafood, furniture, coffee, pepper, and tropical fruits. China is also expected to see a strong demand for vegetables and seafood, with projected annual growth rates of 6.64% and 7.56%, respectively, between 2024 and 2029.

However, challenges are lying ahead, as the agricultural sector must contend with unpredictable weather events and climate change, which affect production. In addition, increasing technical standards for sustainability will present ongoing hurdles.

Ngo Hong Phong, director of the Department of Quality, Processing, and Market Development, emphasized that improving quality and expanding agricultural product processing are essential to meeting these challenges.

To drive exports in the coming years, strengthening the agricultural supply chain, promoting sustainable practices, and improving infrastructure are vital steps, alongside taking advantage of opportunities in emerging markets like the Middle East and Africa, he said.