Vietnams agricultural exports to hit US$41 billion in 2018

The Ministry of Agricultural and Rural Development (MARD) expected positive prospects for Vietnam`s agricultural exports in the second half of 2018, mainly thanks to growing global demands in the remaining months of the year and stable prices.

Vietnam's export turnover of agricultural products is projected to reach US$40 - 41 billion in 2018, according to MARD.  Illustration photo.

In the first six months, the country's agricultural exports reached US$19.4 billion, up 12% year-on-year, in which main agricultural products exports jumped to US$10.3 billion, up 9.7% year-on-year, forestry exports US$4.33 billion, up 12.7%, and fishery exports US$3.94 billion, up 10.5%.

A number of Vietnamese agricultural products saw sharp increases in export turnover, including rice reaching US$1.81 billion (up 42.4%), vegetables US$2 billion (up 20.3%), cashew US$1.7 billion (up 16.4%), timber and woodwork US$4.1 billion (up 12.1%), and fishery US$3.94 billion (up 10.5%). 

Overall, Vietnam's farm produce exports enjoyed a trade surplus of US$3.9 billion in the first half of 2018, representing an increase of 13.1% year-on-year. 

The MARD expected positive prospects for Vietnam's agricultural exports in the last half of 2018, mainly thanks to growing global demands in the remaining months of the year and stable prices. 

According to the UN Food and Agriculture Organization (FAO), demands for rice, fruits and fishery in the world market will continue to increase, which will be key for Vietnamese agricultural exports to maintain a high growth rate and reaching export turnover of US$40-41 billion in 2018. 

In 2017, Vietnam's agro-fishery-forestry exports reached US$36.37 billion, up 13% year-on-year. The agriculure ministry set export turnover target for the sector at around US$40 billion, of which the export turnover of agricultural products is poised to exceed US$21 billion, fisheries US$9 billion, forestry US$8.5 billion and others of US$1.5 billion.