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May 05, 2022 / 21:13

Vietnam negotiates new markets for local farm produce

During the first four months of 2022, total exports of Vietnam’s farm produce rose by 15.6% year-on-year to nearly US$18 billion.

The Ministry of Agricultural and Rural Development (MARD) is looking at potential markets for Vietnam’s farm produce, as these export categories have fast become a key factor to support economic recovery.

 Vietnam's agricultural exports hit US$18 billion in the four months. Photo: The Hanoi Times

In May, the MARD is scheduled to hold trade promotion activities for Vietnamese fruits and seafood in China, which is part of the national trade facilitation program.

In addition, the ministry is in the process of negotiating for the export of rambutan, lemon, and grapefruit to New Zealand, along with drafting a trade promotion program for Vietnam’s agricultural products to penetrate markets in the EU, US, China, and Japan.

During the first four months of 2022, total exports of Vietnam’s farm produce rose by 15.6% year-on-year to nearly US$18 billion,  earning a trade surplus of $4 billion.

Farm produce continued to make up a large share of the total revenue with over $7.4 billion, up 10.5%, followed by forestry with $5.9 billion, up 4.9%; and seafood with $3.6 billion, up 43.7%.

The MARD noted five groups of agricultural products having an export turnover of over $1 billion, including coffee, rice, vegetable, shrimp, and wooden products.

Meanwhile, the Asian market remained the largest destination for Vietnam’s farm produces with 41% of the total. America came second with 29.7%, and Europe in third with 12.8%.

The US was the largest buyer of Vietnamese products with nearly $4.9 billion, or 27.3%, followed by China with $3.2 billion.