Vietnams agriculture set export turnover target of US$40 billion

The sectoral GDP growth rate of Vietnam agriculture is set at the minimum of 3%, while the export turnover target is expected to be in range of US$40 - 40.5 billion.

Vietnam's agriculture set export turnover target of US$40 billion in 2018.

The move is in line with the overall GDP target of Vietnam from 6.5-6.7% in 2018, stated in the press briefing of the Ministry of Agricultural & Rural Development (MARD) on April 3.

"Stabilization and export market expansion are two priorities, as international market still poses many risks. Meanwhile, major market for Vietnam's agricultural products such as China, the US, European Union (EU) also have difficulties," said Ha Cong Tuan, MARD Vice Minister at the meeting. 

In the first 3 months, agro-forestry-fishery's export turnover reached US$8.7 billion, increasing 9.6% year on year and equal 21.4% of the target for 2018, stated the General Statistics Office.

Total production value of agriculture in the first quarter is estimated at VND189.5 trillion (US$8.3 billion), in which the agro production accounted for VND143.86 trillion (US$6.3 billion), up 3.92%; forestry reached VND7 trillion (US$306.6 million), up 5.15%, and fishery of VND38.5 trillion (US$1.7 billion), increasing 4.96%. 

Rice production from January to March is reported at 11.18 million, up 571.600 tons comparing to the same period of last year or 5.4%. By shifting to the export of high quality rice, the trade turnover of rice is on the growing trend. 

It is expected that Vietnam will export 6.5 million tons of rice in 2018. Another agricultural products are expected to yield positive results, namely cashew for 201,000 tons, up 30%, pepper 76,300 tons, up 9.8%; mango for 194,800 tons, up 6.9%; oranges and tangerine for 284,000 tons, up 4%. 

Forestry and fishery in the first 3 months also have moderate growth rate and fulfilling the target. This year, fishery sets the target of total production of 7.5 million tons with export turnover of US$10 billion.

In March, fishery farming production reached 171,000 tons, equivalent to 1.2% compared to previous year, taking the total farming production in the first 3 months of 611,000 tons, up 6%.

In overall for the first 3 months, total fishery production is reported at 1.38 million tons, up 4.9% year on year. 

The growth rate of the Vietnamese agricultural sector was set at 3%, while the targeted export value of agricultural products was US$40 billion, according to Prime Minister Nguyen Xuan Phuc's statement at MARD's January 4 meeting on the performance of the sector in 2017 and its plans for 2018.

In 2017, the agricultural sector has attained 7 significant results, including reaching an all-time record high export value of US$36 billion. In 2018, the sector set the growth target of 2.8-3%, with export value reaching US$37- US$38 billion.