Vietnam’s agricultural sector continues to demonstrate growth, marking a trade surplus in the first half of 2024. According to the Ministry of Agriculture and Rural Development, the sector recorded a trade surplus of USD 8.28 billion, reflecting a 62.4% increase compared to the same period last year.

Booming Export Performance

During this period, exports of agricultural, forestry, and aquatic products contributed substantially to Vietnam’s economic landscape, generating USD 29.2 billion—a 19% increase year-on-year.

Shrimp exports from Vietnam stood out prominently, contributing significantly to the billion-dollar club of exported products.

Focus on Key Markets: USA, China, Japan

The United States, China, and Japan retained their positions as the largest importers of Vietnamese agricultural, forestry, and aquatic products. Specifically, China’s demand for Vietnamese shrimp is poised to escalate further, as indicated by projections from VASEP.

Deputy Minister of Agriculture and Rural Development, Phung Duc Tien, projects that Vietnam’s exports of agricultural, forestry, and aquatic products could reach USD 54-55 billion by the end of 2024. This bullish outlook reflects the sector’s resilience and adaptability amidst global economic dynamics.

Expansion into New Markets

Beyond traditional markets, Vietnam is exploring opportunities in emerging regions such as the Middle East and Africa. Minister of Industry and Trade Nguyen Hong Dien emphasized the importance of diversifying export destinations to ensure sustainable growth and food security.