Business

Trade surplus of agricultural sector reaches nearly 18 billion USD in 2024

The export of agro-forestry-aquatic products has created a breakthrough this year, generating 62.5 billion USD, up 18.7% year on year, with a record trade surplus of 17.9 billion USD, marking a remarkable 46.8% growth rate compared to the previous year, according to the Ministry of Agriculture and Rural Development (MARD).

Workers process mango for export at a factory of the An Giang Fruit & Vegetable Joint Stock Company in Lam Dong province (Photo: VNA)
Workers process mango for export at a factory of the An Giang Fruit & Vegetable Joint Stock Company in Lam Dong province (Photo: VNA)

Hanoi (VNA) - The export of agro-forestry-aquatic products has created a breakthrough this year, generating 62.5 billion USD, up 18.7% year on year, with a record trade surplus of 17.9 billion USD, marking a remarkable 46.8% growth rate compared to the previous year, according to the Ministry of Agriculture and Rural Development (MARD).

Key agricultural products raked in 32.8 billion USD (up 22.4%), while livestock products earned 533.6 million (up 6.5%); forestry products, 17.28 billion USD (up 19.4%) and aquatic products 10.07 billion USD (up 12.2%).

Seven product groups recorded export turnover exceeding 3 billion USD, including timber and wooden products (16.2 billion USD), fruits and vegetables (7.12 billion USD), rice (5.75 billion USD), and coffee (5.48 billion USD).

Deputy Minister of Agriculture and Rural Development Phung Duc Tien attributed these achievements to strategic adjustments in the sector's economic structure, aligning production with market demands, and increasing the focus on sub-sectors and products with high competitiveness and values.

Since 2023, MARD has implemented projects to boost exports to major markets such as the US, China, Japan, and the EU. Simultaneously, the ministry has explored new potential markets and negotiated contracts for 2024, yielding significant results.

The ministry has emphasised trade promotion mechanisms, market access negotiations, and market development to drive exports. Efforts have also included addressing food safety concerns, responding to warnings on shipments in importing countries, and collaborating with embassies and trade counselors.

Additionally, the ministry has enhanced the role of Vietnam's agricultural counsellors abroad to strengthen communication channels and promote market information exchanges.

Alongside traditional markets like China, the US, the EU, and Japan, the ministry has actively targeted emerging markets, including Halal food markets, the Middle East, and Africa, since the start of the year.

MARD has prioritised IT applications to gather market data, forecast the agricultural market's situation, and guide production strategies. Relevant units have ramped up research and forecasting efforts to ensure timely direction for production and consumption.

Furthermore, the ministry has implemented measures to manage trade remedies and technical barriers, ensuring compliance with international commitments. It has also negotiated mutual recognition agreements and provided businesses with support in resolving trade disputes, reducing risks associated with global integration. By leveraging free trade agreements (FTAs), the sector has expanded market access and driven export growth./.

VNA
#trade surplus #Ministry of Agriculture and Rural Development #Halal food markets #agro-forestry-aquatic products #agricultural sector
Follow VietnamPlus

Related News

See more

Vietnamese Ambassador to India Trinh Minh Manh discusses potential areas and strengths for cooperation between Vietnam and India’s Gujarat state. (Photo: VNA)

Vietnam, India’s Gujarat state seek to unlock cooperation potential

Vietnam attaches importance to strengthening cooperation with Indian states boasting strong economic potential, including Gujarat, to further advance the two countries’ Enhanced Comprehensive Strategic Partnership, particularly in the economy, trade and investment, said Ambassador Trinh Minh Manh.

At Nestlé Vietnam factory in Hung Yen province (Photo: VNA)

Vietnam seeks to build stronger ecosystem for FDI

The World Bank has stressed the need to connect global companies with domestic suppliers, improve the business climate and develop supply-chain finance solutions. Those steps will let domestic firms gradually meet requirements on quality, technology, costs and delivery times, and position them to become suppliers to multinational corporations.

Construction of technical infrastructure facilities serving APEC 2027 in Phu Quoc Special Zone, An Giang province. (Illustrative photo: VNA)

Vietnam enters investment grade credit rating category for first time

Vietnam has maintained robust growth, outperforming other Southeast Asian economies. Its ongoing government reforms aimed at streamlining the state apparatus, promoting the private sector, improving the institutional framework and developing capital markets will strengthen the country’s growth potential and economic resilience.

Vietnamese Prime Minister Le Minh Hung and Lao Prime Minister Saleumxay Kommasith witness the presentation of investment certificates and investment cooperation agreements between businesses of the two countries. (Photo: VNA)

Vietnam, Laos strengthen “strategic cohesion” in economic sector

The great friendship, special solidarity, comprehensive cooperation and strategic cohesion between Vietnam and Laos, and between Laos and Vietnam, are an invaluable asset of the Vietnamese and Lao Parties, States and people. It is the responsibility of today's generation to transform this invaluable political asset into new resources for the development of the two countries’ people.

West Food Hau Giang JSC’s factory at the Nam Song Hau Industrial Park – Phase 1, Can Tho city (Photo: VNA)

Southern industrial property market enters new phase of competition

Industrial site selection was previously driven largely by land prices, location and access to markets. However, as supply chains become more complex and manufacturing projects face higher technical requirements, businesses are increasingly assessing sites based on their long-term operational capabilities.

Members of the RoK delegation visit booths showcasing signature agricultural products of Da Lat – Lam Dong. (Photo: VNA)

Lam Dong seeks stronger economic, tourism links with RoK

Lam Dong is particularly interested in sectors in which Korean businesses have strengths, including agriculture, green energy, the circular economy, high-quality tourism, healthcare, education, human resources training and digital transformation, an official said.

Illustrative image (Photo: EVNNPT)

EVNNPT seeks over 224 mln USD in bank loans for grid expansion

Three projects account for part of the financing need, including 13.3 million EUR for the 220kV Ung Hoa substation and connection lines, 18.6 million EUR for the 220kV Tan Viet substation and the 220kV Tan Viet–Gia Loc–Pho Noi line, and 35.3 million EUR for the 220kV substation connecting the Dong Anh–Van Tri transmission line.

At a farm produce supermarket in Hue city (Photo: VNA)

Inflation control key to maintaining growth momentum

Average consumer price index (CPI) rose 4.52% in the first nine months, roughly in line with the National Assembly (NA)'s full-year target, while core inflation climbed 4.26%, the National Statistics Office (NSO) reported. CPI in some localities ran above the national average, including economic hubs Hanoi and Ho Chi Minh City.

According to experts, Vietnam’s relatively attractive valuation could help draw active investors. (Photo: VNA)

Capital-market channels widened after FTSE upgrade: expert

Vietnam officially entered FTSE Russell’s Secondary Emerging Market category on September 21 after reforms to trading, settlement and foreign-investor access. The reclassification gives Vietnamese equities access to a much larger pool of international capital, but also puts them in direct competition with other emerging markets.

Lao products are promoted at a trade fair in Dien Bien province in September 2026. (Photo: VNA)

Vietnam, Laos seek to expand room for trade, investment cooperation

Vietnam and Laos aim to boost bilateral trade in 2026 towards the milestone of 10 billion USD by 2030, a target said to be challenging but feasible as both Governments work to remove trade barriers, improve border-trade mechanisms, and strengthen transport and logistics connectivity.