Business
Vietnam’s vegetables to have trade surplus of nearly 2 billion USD
Export growth has been at the highest level, with trade value of 3.514 billion USD, up 43% compared to 2016, while vegetables have trade surplus of nearly 2 billion USD.
According to Vietnam’s Fruit & Vegetables Association (VinaFruit), trade value of vegetables and fruits in December reached 336 million USD, taking the total trade value of these goods in 2017 to more than 3.5 billion USD, 500 million USD higher than the original objective.
With the growth rate of 43% compared to 2016, fruits and vegetables export value has been significant higher than that of rice export. In 2016, for the first time fruits and vegetables trade value was higher than rice export. As such, rice export value in 2016 was 2.2 billion USD, while the value of vegetables and fruits was 2.4 billion USD. One year later, vegetables and fruits export value is 1 billion USD higher than the export value of rice. Not only at the record high of growth rate, this is also the first year fruits & vegetables to have trade surplus of nearly 2 billion USD.
Statistics from VinaFruit showed that, Vietnam’s import of fruits and vegetables in 2017 reached 1.555 billion USD, up 68.12% compared to the same period of 2016. In the top 10 fruits and vegetable export market of Vietnam in 2017, China is in the top, contributing to 75% of total fruits & vegetables export of Vietnam, in the second place is Japan with 3.64%; the US with 2.94%; Korea with 2.59%; Netherlands with 1.81%; Malaysia 1.43%; Taiwan 1.33%; Thailand 1.03%; UAE 1.01%; Russia 0.85% and other markets 7.77%.
Opportunity for Vietnam’s fruits and vegetable to countinue its growing export trend is thanks to a numerous Vietnamese fruits have been qualified to import to major markets, such as dragon fruit, rambutan, longan and lychee to the U.S; lychee and mango to Australia; mango and dragon fruit to Japan, Korea and New Zealand. Therefore, it is expected that by 2020, fruits and vegetables can join the list of 10 billion USD export goods, and becomes one of the main export goods of Vietnam. In order to export fruits and vegetables sustainably, experts recommendatd that the main factor is to improve product quality and trade facilitation. Especially to timely update information with regard to demand and standard requirement for each market. If Vietnam cannot maintain the consistency in product quality, it will be difficult to keep foothold in these major markets.
As such, fruits and vegetables are becoming an advantage of Vietnam’s export in international markets. It is estimated that in 2018, Vietnam’s export of fruits and vegetables will exceed the highest recorded value of rice export of 3.67 billion USD in 2012, and before 2025 will reach 10 billion USD per year, which is equivalent to the highest recorded value of crude oil export of 10.4 billion USD in 2008.
These statistics show a high demand for fruits and vegetables in international markets, for which Vietnam still have high potential for development and opening new doors for farmers in highlands and rural areas to increase income. It is also part of the government’s effort, as high value agricultural production is aimed to help farmers in these areas to improve living standard.
Vegetables and fruits are becoming main export products for Vietnam.
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Statistics from VinaFruit showed that, Vietnam’s import of fruits and vegetables in 2017 reached 1.555 billion USD, up 68.12% compared to the same period of 2016. In the top 10 fruits and vegetable export market of Vietnam in 2017, China is in the top, contributing to 75% of total fruits & vegetables export of Vietnam, in the second place is Japan with 3.64%; the US with 2.94%; Korea with 2.59%; Netherlands with 1.81%; Malaysia 1.43%; Taiwan 1.33%; Thailand 1.03%; UAE 1.01%; Russia 0.85% and other markets 7.77%.
Opportunity for Vietnam’s fruits and vegetable to countinue its growing export trend is thanks to a numerous Vietnamese fruits have been qualified to import to major markets, such as dragon fruit, rambutan, longan and lychee to the U.S; lychee and mango to Australia; mango and dragon fruit to Japan, Korea and New Zealand. Therefore, it is expected that by 2020, fruits and vegetables can join the list of 10 billion USD export goods, and becomes one of the main export goods of Vietnam. In order to export fruits and vegetables sustainably, experts recommendatd that the main factor is to improve product quality and trade facilitation. Especially to timely update information with regard to demand and standard requirement for each market. If Vietnam cannot maintain the consistency in product quality, it will be difficult to keep foothold in these major markets.
As such, fruits and vegetables are becoming an advantage of Vietnam’s export in international markets. It is estimated that in 2018, Vietnam’s export of fruits and vegetables will exceed the highest recorded value of rice export of 3.67 billion USD in 2012, and before 2025 will reach 10 billion USD per year, which is equivalent to the highest recorded value of crude oil export of 10.4 billion USD in 2008.
These statistics show a high demand for fruits and vegetables in international markets, for which Vietnam still have high potential for development and opening new doors for farmers in highlands and rural areas to increase income. It is also part of the government’s effort, as high value agricultural production is aimed to help farmers in these areas to improve living standard.
