Illustrative photo (Source: VNA)

The Ministry of Agriculture and Rural Development (MARD) held a forum to promote investment in farming in Ho Chi Minh City on December 9.

Participants at the event heard the GDP growth rate of Vietnam's agro-forestry-fishery production been stable, increasing by 2.83% per year on average since 2010. In the 2009-2021 period. The agricultural sector lured nearly 2,000 foreign investment projects worth more than 17.6 billion USD, mostly in processing and trade.

Vu Thanh Liem, deputy director of the MARD’s International Cooperation Department, said these projects have contributed to the sector’s restructuring for production persification, technological upgrades, transformation of farming methods, and competitiveness.

Nguyen Anh Phong from the Institute of Policy and Strategy for Agriculture and Rural Development said that the scale of these projects remains limited, with the sector attracting just a small number of major foreign firms.

Phong suggested improving the related investment climate, particularly via administrative reforms to cut red tape, and strengthening the enforcement of standards and regulations for farm produce to curb counterfeit and smuggled products.

It is also necessary to complete mechanisms and policies on land and selective foreign attraction criteria for the industry, the expert recommended.

A representative from the European Business Association in Vietnam (Eurocham) said with an export-oriented economy like Vietnam, green technology and sustainable trade, which are priorities for European investors, should start in key export industries such as agriculture, forestry and fisheries. Vietnam also needs to focus on promoting organic agricultural production for long-term benefits, and take advantage of its renewable energy potential to reduce costs for businesses and increase competitiveness./.