Vietnam sets new records for agricultural exports in 2024
Vietnam sets new records for agricultural exports in 2024
Vietnam’s exports of agricultural products reached unprecedented heights in 2024, with multiple sectors achieving significant milestones such as coffee exports surpassing US$5 billion and cashew shipments exceeding $4 billion.
The country’s coffee exports crossed the $5-billion mark for the first time, earning $5.2 billion despite a 14-percent decline in export volume.
Nguyen Nam Hai, chairman of the Vietnam Coffee-Cocoa Association, credited this success to soaring global prices, which peaked at $5,720 per metric ton in October.
With an annual average price of $5,580 per metric ton, Vietnam's robusta coffee achieved the highest global price and even outpaced other countries' arabica beans at times, according to the Ministry of Industry and Trade’s foreign trade agency.
The cashew sector also had a banner year with its export value reaching $4.2 billion and volume surpassing 700,000 metric tons for the first time.
Even with rising logistics costs, the sector grew steadily thanks to robust demand from traditional markets like the U.S. and Europe.
T. Diem, a cashew exporter based in Binh Phuoc Province, southeastern Vietnam, said that Vietnamese processed cashew nuts are increasingly favored for their competitive pricing and quality.
Rice exports hit a record high of nine million metric tons, generating $5.7 billion, up from 8.1 million metric tons in 2023.
A local rice exporter in the Mekong Delta province of Dong Thap, which focuses on offering high-quality, fragrant rice varieties, received a surging number of orders from international buyers.
This rice exporter revealed that high-value fragrant rice varieties like Dai Thom 8 and OM 18 have become international favorites, driving profits for both farmers and exporters.
The record-breaking achievement highlighted the rice sector’s resilience and growth in 2024, said Nguyen Ngoc Nam, chairman of the Vietnam Food Association.
The average rice export price of $600 per metric ton marked a 28-percent year-on-year jump, cementing Vietnam's position as the world's third-largest rice exporter, Nam continued.
Fruit and vegetable exports registered a 27-percent rise against last year at $7.1 billion.
Among the items for export, Vietnamese bananas overtook Philippine ones as Chinese consumers' top choice.
Durian exports, including frozen durians, saw a 50-percent year-on-year surge to $3.2 billion.
Other agricultural items like fresh coconuts are also emerging as new favorites in the Chinese market.
Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, said that Vietnamese fruits and vegetables are increasingly gaining an edge in global markets thanks to abundant supply, improved quality, and competitive pricing.
Despite its success, Vietnam’s agricultural sector faces significant challenges.
Rice prices are declining, with five-percent broken rice dropping to $485 per metric ton early this month, below Thai rice's rate of $501 per metric ton and tumbling to a 19-month low.
Increased competition, particularly from India, could further pressure exports in 2025.
Nam, the Vietnam Food Association chairman, agreed, predicting that competition in the global rice sector would become fiercer.
Commenting on the issue, a Ho Chi Minh City rice exporter emphasized the importance of focusing on quality and leveraging free trade agreements to expand into high-value markets.
Similarly, the fruit and vegetable sector faces challenges, especially with dragon fruits struggling to compete against more affordable Chinese alternatives.
Industry experts have suggested that Vietnam focus on increasing exports to demanding markets like Japan and South Korea while investing in value-added products like frozen mangos, durians, and jackfruits.
To sustain growth momentum, the Ministry of Agriculture and Rural Development has approved a plan to replant and upgrade nearly 110,000 hectares of coffee plantations by 2025, aiming for 12-percent annual growth in export revenue.
Meanwhile, the fruit and vegetable sector is targeting $8 billion in exports, while the seafood sector aims to rake in $11-12 billion in export revenue by 2025.
