Agro-forestry-aquatic sector ran a trade surplus of US$8.8 billion in the first 11 months, up US$1.5 billion against the same period last year, according to the Ministry of Agriculture and Rural Development (MARD).

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During the reviewed period, export revenue of some types of products increased compared to the same period in 2018, including wood and wood products (up 19.5%), tea (up 16%), rubber (up 9.3%), vegetables (up 9%), and others.

However, some products posted declining export revenue such as coffee (down 15%), fruit (down 5.5%), cashew nuts (down 1.8%), pepper (down 5.8%) and rice (down 9.4%).

During the 11-month period, the sector was estimated to reach total import-export revenue of US$65.7 billion, including US$37.3 billion worth of export revenue, up 3.6%, and US$28.5 billion worth of import revenue, down 0.7% over the same period last year.

In addition, the sector also saw seven groups of products with export revenue of over US$2 billion each, including coffee, rubber, rice, cashew nuts, fruit, shrimp, wood and wood products.

China remained the largest market for Vietnamese agricultural goods, accounting for 26.9% of the total export revenue, followed by the U.S. (21.9%), the EU (11.7%), ASEAN (10%), Japan (8.8%), and the Republic of Korea (5.8%).

VASEP said China is a large market with great potential for Vietnamese shrimps. The Chinese market has paid more attention to food safety and product quality; hence firms should diversify their ways of processing and exporting and promote official sea export to major cities to increase export turnover in Chinese market.

Furthermore, the ministry will closely coordinate with relevant ministries and branches to accelerate negotiations to seek new markets, stabilise traditional markets and expand potential ones. 

Building trademarks for local farm produce will be made in tandem with enhancing inspection of food safety and hygiene, the ministry said, adding it is necessary to control supply and direct farmers to apply cultivation and production methods in line with importers’ standards.

In the January-November period, MARD forecast that the total export revenue of the agricultural, forestry and fishery sector will hit US$41.3 billion by the end of this year, resulting in a trade surplus of US$9.5-US$10 billion.