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Ho Chi Minh City
Tuesday, July 16, 2024

Just a dream for farmers

By Hoang Hanh

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Farm produce exports this year have performed well. However, gross profit has been on a downtrend since 2020. Vietnam’s agriculture has continuously broken export records, with export revenue of over US$48.6 billion in 2021 and US$53.22 billion in 2022 and the trade surplus of US$6 billion and US$8.5 billion, respectively, bringing hope that farmers can make a fortune from growing rice and crops and aquaculture. Regrettably, it remains just a dream. The report on the situation and the prospect of Vietnamese agricultural businesses amidst global upheavals published by FiinGroup in late July 2023 provides information worth pondering. It shows that the profit margin of agriculture seems to move towards the break-even point. On the contrary to the export value and the trade surplus, the gross profit of agriculture fell from 13.2% in 2021 to 11.9% in 2022. In terms of individual industries, the gross profit of rice dropped from nearly 17% in 2021 to 13.5% in 2022. For coffee, the respective figures are 8.1% and 6.6%. According to FiinGroup experts, this downtrend indicates a decline in the profitability of agriculture due to escalating production costs, with the main reason being the rising price of raw materials and input materials such […]
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