Vietnam’s agricultural exports are on track to set a historic record, projected at $60-61 billion despite weather challenges.

After the devastation caused by Storm Yagi, thousands of farmers in Vietnam are left with nothing but debt, as their livestock, fish farms, and crops have been completely wiped out.

In recent years, the crop industry has demonstrated its crucial role in ensuring national food security, job creation, and increasing farmer incomes.

Organic agricultural products are gaining traction among consumers due to their sustainability, safety, and nutritional benefits. However, despite the rising demand, organic farming only accounts for a small portion of Vietnam's agricultural sector.

Hanoi has gathered resources to develop a modern, clean and organic agriculture and a circular economy with a sustainable connection to global value chains.

Vietnam is currently  a signatory to 16 free trade agreements (FTAs), which are described as highways connecting Vietnam’s economy with major trading partners in the world.

Vietnam’s agricultural development has gained many achievements in recent times, with seven commodities recording annual export turnover of over $3 billion.

“I often tell farmers that green agriculture is an irreversible trend and if they go against the world’s trend, they won’t be able to sell farm produce,” said Minister of Agriculture and Rural Development Le Minh Hoan.

The agriculture sector emerged as a firm pillar of the economy last year, setting a series of new records despite global market downturn.

Vietnam targets to increase land area meeting VietGAP standards by 10-15 percent a year and organic farming area to account for 1 percent of the total cultivation land by 2030.

Fruit and vegetables, rice, coffee, cashewnuts, and pepper are expected to bring large amounts of hard currency to the national coffers in 2024.

The added value of the entire agriculture, forestry and fishery industry was estimated to increase by 3.83 percent in 2023, official statistics showed.

Vietnam’s agro-forestry-aquatic exports enjoyed a record trade surplus of 12.07 billion USD in 2023, surging by 43.7%, and accounting for over 42.5% of the country's total trade surplus, heard a press conference in Hanoi on December 29.

VN aims to use organic fertiliser for 50% of the total cultivation area nationwide by 2050, and have at least 80% of centrally-run cities and provinces build organic fertiliser farming models as part of value chains for major and specialty products.

Seeking new markets, applying high tech, developing a cooperative economy, and building value chains will all improve the competitiveness of Vietnam’s farm produce in the world market, experts have said.

By using natural grazing and feed mixed with local herbs, Cuong can earn hundreds of millions of dong a year.

Logistics services are driving up added values of the domestic agriculture sector which has been developing quickly over the past years with an annual growth rate of 14-16%.

Agriculture has long been the backbone of Vietnam’s economy for a number of comparative advantages, such as cultivated land, forest cover, sea territories, tropical climate, and available and cost effective labour.

In 2023, Vietnam's fruit and vegetable exports to China are estimated to rise by 20-30% to US$4 billion.