According to the Ministry of Agriculture and Rural Development, in 2024, the country's agricultural, forestry and fishery export turnover could reach more than 60 billion USD, exceeding the set target and setting an all-time high record. Meanwhile, in the domestic market, agricultural product consumption also has many advantages, not only minimizing the situation of "good harvest, low price" but many products also always maintain high selling prices, bringing great profits to farmers.
In the first 11 months of 2023 alone, exports agriculture, forestry, fishery reached 56.74 billion USD, up 19% over the same period in 2023.
Industries compete to break records
First 11 months of 2024, rice export reaching nearly 8.5 million tons with a turnover of 5.31 billion USD, up 10.6% in volume; up 22.4% in value over the same period in 2023 and higher than the turnover for the whole year of 2023. The Philippines is Vietnam's largest rice consuming market, followed by Indonesia and Malaysia. The average export price of rice in the first 11 months of 2024 of Vietnam is estimated at 627.9 USD/ton, up 10.6% over the same period in 2023. Notably, in 2024, Vietnam's export price of rice is almost always the highest in the world, surpassing major exporting countries such as Thailand, India and Pakistan.
The high export price of rice has led to an increase in domestic rice purchasing prices from time to time, helping rice growers increase profits. Director of Thuan Tien Cooperative (Thanh An Commune, Vinh Thanh District, Can Tho City) Nguyen Cao Khai said: In 2024, there will be almost no surplus of rice after harvest, and rice will even be purchased early by traders and businesses to serve export contracts. Thanks to that, farmers are very excited and actively invest in re-production, especially with high-quality rice varieties.
Along with rice, in 2024, coffee prices also continuously set records and then broke them again, bringing Vietnam to a new position in the global coffee market. In the first 11 months of 2024, although coffee exports decreased in volume, they increased by 32.8% in value compared to the same period in 2023, reaching nearly 1.2 million tons with a turnover of 4.84 billion USD. The average export price of coffee in the first 11 months of 2024 is estimated at 4,037 USD/ton, an increase of 56.9% over the same period in 2023. Domestic coffee prices are also often at a sky-high level, at the highest point reaching nearly 150,000 VND/kg.
At this point, although the 2024-2025 coffee crop is starting to enter the peak harvest, domestic coffee prices continue to increase because farmers are not selling in large quantities and supply is limited. World coffee prices are also continuing to increase thanks to investors increasing purchases and concerns about supply disruptions, which will be favorable conditions for Vietnam's coffee exports to reach a turnover of more than 5 billion USD for the whole year of 2024.
Among the bright spots in agricultural product consumption in 2024, it is impossible not to mention the rapid development of the fruit and vegetable industry with export turnover in 11 months far exceeding that of the whole year of 2023, reaching 6.66 billion USD, an increase of 28.2% over the same period in 2023. It is forecasted that in the whole year of 2024, fruits and vegetables will bring in about 7.2 billion USD with a trade surplus of more than 4.5 billion USD, contributing greatly to the trade balance of the whole industry.
According to the Chairman of the Vietnam Fruit and Vegetable Association, Nguyen Thanh Binh, the fruit and vegetable industry is entering a period of rapid and strong development due to its great market advantage, especially in the key market of China with more and more protocols on official export being signed. In addition, deeply processed fruit and vegetable products are also more numerous and diverse, meeting the needs of other market areas such as the European Union, the US, Japan, Australia, etc.
In addition, cashew nuts, pepper, seafood, etc. also recorded high growth in exports. In 2024, pepper officially rejoined the "billion dollar" export club after more than 10 years of absence with a turnover of 1.22 billion USD in the first 11 months of 2024, up 46.5% over the same period in 2023. At the same time, the seafood industry also strived to overcome many obstacles to regain growth momentum, approaching an export turnover of more than 10 billion USD in 2024 when the first 11 months of the year reached 9.2 billion USD, up 11.8% over the same period in 2023.
Diversify domestic and export markets
Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that the continuous growth in Vietnam's agricultural, forestry and fishery exports in recent times is due to the increasingly improved quality of Vietnamese agricultural products, meeting the strict requirements and regulations of many markets around the world. In addition, agricultural production has also seen new developments in most industries and fields with the application of high technology in production.
In there, rice production is one of the pioneering industries in high-quality, low-emission production, creating new added value for rice grains. On the other hand, the opening of the agricultural, forestry and fishery export market in recent years has also achieved many good results. In addition to signing additional protocols for official export of many products to the Chinese market, Vietnam is currently participating in 17 bilateral and multilateral free trade agreements with countries and regions around the world, creating great conditions for exporting goods, including agricultural products.
Most recently, the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed. This is the first free trade agreement that Vietnam has signed with an Arab country, an important premise to promote the export of key products to the United Arab Emirates (UAE) as well as access to other markets in the Middle East, West Asia and Africa. According to Vietnamese trade counselors in many countries, Vietnam has great potential and opportunities to dominate the global Halal agricultural and food market for Muslims. This is also considered a new door for Vietnam's agricultural export activities, aiming at a large-scale consumer market.
In addition to the export market, the domestic market is also being exploited by businesses to consume agricultural products. With a market size of 100 million people, the demand for agricultural products and food nationwide is currently very large while consumers are increasingly prioritizing Vietnamese goods as a basis for diversifying consumption channels, in which advantageous products are rice, vegetables, and seafood.
Regarding seafood, according to the Vietnam Association of Seafood Exporters and Producers (VASEP), there is still a lot of room for domestic consumption if businesses focus on investing in exploitation. Currently, many seafood businesses consider the domestic market as one of the important segments and bring in good revenue, sharing the risks that may occur when the world market fluctuates. Therefore, along with focusing on opening up the export market, the "home market" is also an important channel for industries and businesses to promote business and consumption of goods, leading agriculture to even higher growth milestones.
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