Vietnam expects to earn 10 billion USD from exports of aquatic products in 2023 (Photo: VietnamPlus) Hanoi (VNA) – Vietnam's aquatic and forestry exports are likely to rebound and realise the targets set for 2023 in the remaining months of the year, thanks to signs of gradual recovery from export markets.
If the two sectors complete their yearly plans, the agro-forestry-aquatic export goal of 54.55 billion USD in 2023 is certain to be fulfilled, said an official from the Ministry of Agriculture and Rural Development (MARD).
According to the ministry’s statistics, Vietnam earned 29.13 billion USD from agro-forestry-aquatic product exports in the first seven months of 2023, down 9.1% year-on-year.
Notably, the agricultural export value reached nearly 14.99 billion USD, increasing by 13.2%. This growth is attributed to the increases in the export value of vegetable and fruit, rice, cashew nuts, and coffee, rising by 68.1 %, 29.6%, 9.8%, and 6%, respectively.
While the agricultural and livestock sectors show good growth, the export of the fisheries and forestry industries still face challenges.
The export value of aquatic and forestry products reached 4.95 billion USD and 7.79 billion USD in the last seven months, down 25.4% and 25.5%, respectively, compared to the same period last year.
The fishery and forestry sectors aim to maintain their export value targets for the whole year at 17 billion USD and 10 billion USD.
In 2023, Vietnam's wood processing and forestry industry sets a target of 17 billion USD in export value in 2023. (Photo: VietnamPlus) According to Tran Dinh Luan, Director General of the Directorate of Fisheries under the MARD, several aquatic products have recorded strong demand, especially fish products. However, the sector needs to strive even harder if it wants to make the 10 billion USD target this year.
According to the Vietnam Administration of Forestry (VAF) under the MARD, the wood processing and forestry industry raked in over 17 billion USD from exports in 2022, helping Vietnam become the second-largest country in Asia and the fifth in the world in terms of wood and wooden product exports.
According to the Vietnam Administration of Forestry under the MARD, the wood processing and forestry industry raked in over 17 billion USD from exports in 2022, making Vietnam the second highest country in Asia and the fifth globally in terms of wood and wood product exports.
In the first seven months of 2023, demand in Vietnam’s main export markets of the US, Japan, China, and the EU has declined compared to the same period last year due to the impact of global conflicts and increasing inflation.
Trieu Van Luc, VAF Deputy Director, stated that the export value of wood and wooden products reached only 7.8 billion USD, accounting for about 45% of the target set for 2023, down 25.5% year-on-year.
Demand is expected to gradually recover in export markets in the third and fourth quarters of 2023, Luc said, adding that many wood enterprises had orders for the remaining months of the year.
Fishery enterprises need to reserve their supply sources to seize the opportunity from the recovery of markets. (Photo: VietnamPlus)
Seizing opportunities from export market recovery
According to Chairman of the Vietnam Timber & Forest Products Association (VIFORES) Do Xuan Lap, Vietnamese wood companies export their products to 150 countries and territories.
Lap said Vietnam's wood and wooden product export markets have shown signs of economic recovery, especially the US market, so the export to the US is forecast to increase.
To seize opportunities, enterprises need to adhere to regulations in import markets, proactively develop new products that suit consumer preferences in potential markets, and actively implement solutions to expand market connections in order to boost the export of wood and wood products, Lap added.
According to Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), domestic seafood enterprises need to maintain close cooperation with importers, especially in markets with high demand, thus promoting exports during the recovery phase./.
