Businesses crucial to future development of agricultural sector

Strong participation among domestic businesses in the agricultural field has proved that the sector is full of promise whilst enjoying a number of advantages, according to a statement made by Minister of Agriculture and Rural Development Nguyen Xuan Cuong.

Minister Cuong noted that although agricultural exports have reached the US$40 billion figure, there remains plenty of room for growth with the sector having the potential for market penetration across the globe.

According to the Ministry of Agriculture and Rural Development, during the process of restructuring the agricultural sector, businesses have been active in co-operating alongside farmers as they develop into the "nucleus" force within the production chain

The Minister said total global trade in food currently stands at over US$2,000 billion, noting that there is great potential for the country’s agricultural processing sector.

Most notably, more than US$40 billion of agricultural exports comes from raw exports. As a result, if the processing and production chain are able to develop in a strong manner, there remains plenty of room for the agricultural sector to grow stronger in the near future.

At present, coffee exports have reached US$3.5 billion annually, with the processing stage only accounting for 11 per cent, meaning there exists great potential for the future development of the sector.

Currently, the nation’s agriculture field is made up of over 750,000 enterprises, of which several firms and corporations enjoy a strong financial capacity.