Overview of Vietnam’s Agricultural Sector in 2024
Vietnam’s agricultural sector played a crucial role in the country’s trade activities in 2024. With a total trade value of US$786.07 billion (+15.4% YoY), agricultural exports contributed US$62.4 billion (+18.5%), resulting in a trade surplus of US$18.6 billion (+53.1%). These impressive figures highlight the increasing importance of Vietnam’s agricultural sector in the global market.
Key Agricultural Exports Driving Growth
Vietnam maintained its strong position as a major exporter of various agricultural commodities. Key exports included:
- Rice: 9 million tonnes, valued at US$5.7 billion (90% sourced from the Mekong Delta).
- Coffee: US$5.2 billion, despite lower volumes, saw a 14% price increase.
- Fruits & Vegetables: US$7.1 billion (+27%), with durian exports contributing US$3.1-3.4 billion.
- Cashew Nuts: US$4.2-4.5 billion, totaling 700,000 metric tons.
- Aquatic Products: US$10 billion (+12.7%), led by shrimp (US$4 billion) and tra fish (US$2 billion).
- Timber & Wood Products: US$16.2-17.28 billion.
These products significantly contributed to Vietnam’s agricultural sector, ensuring a stable trade balance and increasing global competitiveness.
Major Export Markets for Vietnamese Agricultural Products
Vietnam’s agricultural exports were in high demand across multiple international markets. Notable importers included:
- China: US$4.2 billion in fruits and vegetables (+38%).
- United States: US$4.983 billion (+20.6%).
- European Union, Japan, South Korea, and ASEAN: Continued strong demand for key agricultural products.
This diverse export market ensured resilience and expansion opportunities for Vietnam’s agricultural sector despite global economic uncertainties.
Agricultural Imports Supporting Domestic Industries
Vietnam also imported agricultural products to meet domestic demand, with US$17.61 billion spent in the first five months of 2024. Key imports included:
- Animal Feed: US$2.19 billion (+13.3%).
- Soybeans: 993,000 tons, valued at US$525 million (-10.7%).
- Wheat: 3.1 million tons, worth US$842 million (+16.8%).
- Corn: 3.96 million tons, totaling US$1 billion (-7.3%).
- Cotton: US$1.32 billion (+13.8%).
Major Import Sources for Vietnam’s Agricultural Sector
Vietnam sourced agricultural imports from various regions, ensuring a stable supply chain:
- Asia: US$5.47 billion (31% market share).
- Americas: US$4.5 billion (25.5%), with Argentina supplying corn and soybean meal.
- Europe, Oceania, and Africa: Contributed smaller portions to Vietnam’s agricultural imports.
Trade Balance and Influencing Factors
Vietnam’s agriculture recorded a trade surplus of US$18 billion, supported by government policies, rising global commodity prices, and the benefits of trade agreements such as EVFTA and CPTPP. However, challenges persist, including climate change, global price fluctuations, and strict import regulations in key markets.
Future Outlook for Vietnam’s Agricultural Sector
Looking ahead, this is poised for further growth. Key trends include:
- Expansion in high-value agricultural exports, particularly durian, coffee, and seafood.
- Investment in sustainable farming practices to meet international quality standards.
- Strengthening trade relationships with key markets like China, the U.S., and the EU.
- Leveraging digital transformation and smart agriculture for enhanced efficiency.
With these strategic approaches, it is expected to maintain its upward trajectory, ensuring long-term economic sustainability and global competitiveness.
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