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Vietnam’s agro-forestry-fishery exports see record trade surplus in 2023

Vietnam’s agro-forestry-fishery exports see record trade surplus in 2023

Saturday, December 30, 2023, 10:06 GMT+7
Vietnam’s agro-forestry-fishery exports see record trade surplus in 2023
Workers clean durian in Dak Lak Province, Vietnam's Central Highlands. Photo: The The / Tuoi Tre

Vietnam’s agricultural, forestry, and fishery export turnover reached US$53 billion in 2023, resulting in a record trade surplus of nearly $12.1 billion, constituting 42.5 percent of the nation’s overall trade surplus, according to the agricultural ministry.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien on Friday announced, during a press conference on the sector’s achievements in 2023 and upcoming tasks for 2024, that despite challenges in the export markets, the industry witnessed a remarkable 3.83-percent increase in overall gross domestic product (GDP), marking the highest growth rate in the past decade.

The sector achieved an estimated total export turnover of $53.01 billion, accompanied by a record trade surplus of $12.07 billion, reflecting a substantial 43.07-percent rise from the previous year and contributing to 42.5 percent of the country’s trade surplus.

While the overall export value fell short of the government’s target, the industry has seen remarkable accomplishments in various products, according to Nguyen Van Viet, director of the Planning Department under the Ministry of Agriculture and Rural Development.

Notable export successes included vegetables, which garnered $5.69 billion, indicating a 69-percent increase from 2022, and rice, reaching $4.78 billion and representing a significant 38-percent increase.

In addition to vegetables and rice, this year, four other export items exceeded $3 billion, namely cashew nuts at $3.63 billion, reflecting an increase of 17.6 percent, coffee at $4.18 billion, up 3.1 percent, shrimp at $3.38 billion, down 21.7 percent, and wood and wood products at $13.37 billion, down 16.5 percent.

Durian hit a record $2.25 billion, ST25 rice was recognized as the world’s best rice for the second time, and the forestry sector successfully sold 10.3 million forest carbon credits, bringing in a total revenue of $51.5 million.

Furthermore, despite market challenges due to conflicts, the reopening of the Chinese market resulted in $12.3 billion in exports to China, leading to a shift in the market structure where China overtook the U.S. as the largest importer with a 22-percent market share, compared to the U.S.’ 21 percent.

Deputy Minister Tien underscored the importance of adopting breakthrough solutions, focusing on production orientation, expanding export markets, and implementing safe and high-quality production processes. 

He also stressed the need to enhance the ability to forecast and respond to real-time situations.

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Bao Anh - Chi Tue / Tuoi Tre News

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