Agro-forestry-fishery posts highest GDP growth in decade
Agro-forestry-fishery posts highest GDP growth in decade
The gross domestic product (GDP) value of agriculture, forestry and fishery is estimated to expand from between 3.95 per cent to 4.05 per cent in the first six months of 2018, the highest level in the last 10 years.
The production value of the agro-forestry-fishery sector is expected to increase by 4.2 per cent, of which cultivation will record a year-on-year rise of 4.12 per cent, animal husbandry 2.04 per cent, forestry 5.21 per cent and aquaculture 6.49 per cent.
In cultivation, 32,800 hectares of ineffective rice land has been shifted to vegetables, fruit trees and perennial industrial trees with high economic efficiency. The use of high-quality varieties has been increased along with the expansion of large-scale fields of rice and other crops and the promotion of production according to Vietnamese Good Agricultural Practices.
Livestock production is generally favourable with stable prices of beef and poultry products. Some livestock products have been exported to markets with high requirements for quality, food hygiene and safety.
Favourable weather conditions have made fishing activities easier. Aquaculture production was estimated at 1.79 million tonnes, up 6.2 per cent over the same period last year, with high growth in brackish water shrimp and tra fish.
The UN Food and Agriculture Organisation (FAO) forecast that the global rice trade will continue growing along with the surge of tropical fruits and high demand for aquatic products.
Therefore, the country’s export of farm produce is likely to maintain higher growth than in the first six months and annual exports are projected to reach US$40-41 billion.
It is expected to rake in over $5.5 billion from exporting tea, coffee, rubber, pepper and cashew nuts in 2018 and $4.5-4.7 billion from vegetables and fruits.
