Agro-forestry-fishery exports poised for record revenue of $70b this year

Agro-forestry-fishery exports poised for record revenue of $70b this year

Việt Nam’s agro-forestry-fishery exports are on track to reach a record high of US$70 billion this year, driven by strong growth of key products including fruits and vegetables, coffee, cashew nuts, pepper and seafood, according to the Ministry of Agriculture and Environment.

Seafood products processed for export. Seafood export contributed $9.31 billion to $58 million export value of the agro-forestry-fishery sector the first 10 months of this year. — VNA/VNS Photo Vũ Sinh

Figures released at the ministry’s press conference on Wednesday showed the sector registered an export value of more than $58 billion in the first ten months of this year, a rise of nearly 13 per cent over the same period last year.

Deputy Minister Phùng Đức Tiến said the sector is on track to exceed the $65–67 billion export revenue target set for the full year and could reach a record $70 billion if growth is maintained in the remaining months.

Robust performance is being led by key export products, Tiến said. Agriculture contributed $31.34 billion (up 15.5 per cent), livestock $512.9 million (up 19 per cent), seafood $9.31 billion (up 12.9 per cent), forestry $14.93 billion (up 5.8 per cent), input materials $2.03 billion (up 31.9 per cent) and salt $9.5 million (up 200 per cent).

Asia remained the largest export market, accounting for 44.7 per cent of total value, followed by the Americas with 22.7 per cent and Europe with 13.8 per cent. Notably, exports to the EU rose 37.5 per cent, while shipments to Africa soared by 83.6 per cent.

China overtook the US to become Việt Nam’s largest buyer of agro-forestry-fishery products, accounting for 21.4 per cent of export revenue, followed by the US (20.4 per cent) and Japan (7 per cent).

Coffee, fruits and vegetables were standout products. Coffee exports reached 1.3 million tonnes in January–October, worth $7.41 billion, up 13.5 per cent in volume and 61.8 per cent in value, with an average price of $5,653 per tonne, up 42.5 per cent. Germany, Italy and Spain were the largest importers, with shipments to Germany nearly doubling.

Fruit and vegetables generated $7.09 billion, up 15.1 per cent, with China accounting for 62.9 per cent of the value.

By contrast, rice exports fell due to weaker prices. Việt Nam exported 7.2 million tonnes of rice worth $3.7 billion, down 23.8 per cent in value. Shipments to the Philippines, the largest buyer, fell 27.1 per cent due to a halt in imports, although exports to Ghana and Ivory Coast rose sharply.

Other key products posted gains, including rubber with $2.57 billion (up 1.7 per cent), cashew nuts $4.25 billion (up 18.6 per cent) and pepper $1.4 billion (up 25.8 per cent).

Seafood and wood products remain major pillars, bringing in $9.31 billion and $13.96 billion respectively. Mainland China and Hong Kong together accounted for more than half of Việt Nam’s seafood export value on strong demand and favourable logistics. The US ranked second, although anti-dumping duties and stricter import regulations under the Marine Mammal Protection Act remain major challenges.

The EU, Japan and the Republic of Korea remain important markets, while ASEAN and the Middle East are emerging as potential growth destinations.

Shrimp led seafood exports with $3.89 billion, up 21.6 per cent, supported by stable demand in the US, Japan and the EU. Tra fish followed with $1.66 billion, up 7.5 per cent on stronger demand from China, the US and the Middle East.

The Việt Nam Association of Seafood Exporters and Producers (VASEP) said the strong performance reflects both recovery and adaptability among Vietnamese firms in the face of global uncertainty. Many enterprises have diversified markets, strengthened processing and prioritised quality to meet international standards.

However, anti-dumping and countervailing duties in the US, strict MMPA fishing rules and the EU’s unresolved yellow card on illegal, unreported and unregulated fishing continue to weigh on exporters, alongside rising competition from India, Thailand and Indonesia.

Experts urged exporters to monitor market developments, adjust export strategies to tap ASEAN, the Middle East and niche markets, and invest in processing, technology and branding to enhance long-term competitiveness.

Agro-forestry-fishery exports reached a record $62.6 billion in 2024, up 18.7 per cent. The sector recorded a trade surplus of $17.9 billion, up 46.8 per cent. 

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