The agro-forestry-fishery sector has made new export records in 2022 thanks to the diversification of markets and products.
Statistics show that the sector’s export turnover is expected to top $53 billion in the year with a trade surplus of $7.8 billion, up nearly 48% year-on-year.
Fishery exports would reel in nearly $11 billion, a 20-year high since Vietnam joined the international market. Records have been seen in shrimp, tra fish (pangasius) and tuna exports, with $4.3 billion, $2.4 billion and $1 billion in revenues, respectively.
Given the 40-year high inflation and currency fluctuations in many markets and surging prices due to the Russia-Ukraine conflict, which have forced importers to consider reducing orders, Vietnamese businesses have flexibly diversified markets and products, according to Director of the Vietnam Association of Seafood Exporters and Producers VASEP’s Trade Promotion and Training Centre Le Hang.
She held that free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), have significantly benefited the domestic fishery industry, explaining that exports to the CPTPP markets expanded by 30% to make up 26-27% of the country’s total fishery export value.
Trade promotion activities both at home and abroad have also played a role in the hikes, Hang added.
In the year, rice export is also expected to hit a record of 7 million tonnes, said Do Ha Nam, Vice Chairman of the Vietnam Food Association, noting that rice contracts would be maintained in early 2023 thanks to high prices.
Deputy Director of the Vietnam Academy of Agricultural Sciences Dao The Anh attributed the outstanding results to agricultural restructuring, which has created a firm foundation for the sector to move ahead.
Many Vietnamese agricultural products have gained access to new markets, for example durian, sweet potato and bird’s nests winning permit to ship to China, pomelo to the US, longan to Japan, and lemon and pomelo to New Zealand.
The sector will make greater efforts to reach more markets with diverse products, but the achievements in market opening should be maintained, said Hoang Trung, Director of the Plant Protection Department under the Ministry of Agriculture and Rural Development.
Hang also suggested that the State should issue specific policies on market, tax and capital to better access foreign markets in the time ahead.
For his part, Anh stressed the need to continue diversifying markets, including China, and satisfy their requirements in food safety and packaging, expressing his belief that ample room will remain for Vietnam’s agro exports next year.