Business
Fruits and veggies join Vietnam's export staples
With a growth rate of 14% year-on-year, it is estimated that exports of vegetables and fruits could reach US$4 billion by the end of 2018, Tien Phong newspaper reported.
Export turnover of Vietnam's fruits and vegetables in the first eight months of 2018 stood at a record high of US$2.7 billion, up 14.1% year-on-year and US$500 million higher than the revenue from rice exports, according to the General Department of Vietnam Customs (GDVC).
With a growth rate of over 14% year-on-year, it is estimated that exports of vegetables and fruits could reach US$4 billion by the end of 2018, marking the second consecutive year that revenue from those products is higher than that of rice.
China remained Vietnam's largest fruits and vegetables importer with US$1.99 billion, up 11.6% year-on-year and accounting for 74.1% of Vietnam's total export value of fruits and vegetables.
The US came in second place with US$87 million, followed by Thailand and Australia.
Meanwhile, Vietnam also imported US$1.15 billion worth of vegetables and fruits during the January - August period, up 13.4% year-on-year.
According to the Processing and Market Development Authority (AgroTrade) under the Ministry of Agriculture and Rural Development, the signing of multiple free trade agreements (FTAs) has opened new doors for Vietnam's products to new markets.
However, exports of fruits and vegetables in the remaining months of the year could face difficulties due to unfavorable weather conditions, the agency warned.
In the coming months, the Ministry of Industry and Trade predicted that the escalation of the US - China trade spat could have negative impacts on Vietnam's agricultural exports.
Under pressure from the US' increase of import tariffs on Chinese exports, China's agricultural products will have to find alternative markets and put more pressure on Vietnam's similar products.
Meanwhile, to avoid China's high import tariff at 25% for US agricultural products, the US is likely to promote exports of agricultural products to Vietnam, including fruits as well as meat of cattle and poultry.
Illustrative photo.
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China remained Vietnam's largest fruits and vegetables importer with US$1.99 billion, up 11.6% year-on-year and accounting for 74.1% of Vietnam's total export value of fruits and vegetables.
The US came in second place with US$87 million, followed by Thailand and Australia.
Meanwhile, Vietnam also imported US$1.15 billion worth of vegetables and fruits during the January - August period, up 13.4% year-on-year.
According to the Processing and Market Development Authority (AgroTrade) under the Ministry of Agriculture and Rural Development, the signing of multiple free trade agreements (FTAs) has opened new doors for Vietnam's products to new markets.
However, exports of fruits and vegetables in the remaining months of the year could face difficulties due to unfavorable weather conditions, the agency warned.
In the coming months, the Ministry of Industry and Trade predicted that the escalation of the US - China trade spat could have negative impacts on Vietnam's agricultural exports.
Under pressure from the US' increase of import tariffs on Chinese exports, China's agricultural products will have to find alternative markets and put more pressure on Vietnam's similar products.
Meanwhile, to avoid China's high import tariff at 25% for US agricultural products, the US is likely to promote exports of agricultural products to Vietnam, including fruits as well as meat of cattle and poultry.
