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Friday, June 21, 2024

Vietnam aims for farm exports of over US$26 billion by 2030

The Saigon Times

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HCMC – Vietnam is planning to achieve more than US$26 billion in annual farm export revenue by 2030, according to a newly-approved farming strategy.

The strategy to develop cultivation by 2030 with a vision toward 2050 was recently approved through Decision 1748/QD-TTg signed by Deputy Prime Minister Tran Luu Quang.

Under the strategy, each hectare under cultivation is expected to create average output value of VND150 million to VND160 million.

The strategy envisions annual growth in farming output of 2.2% to 2.5% and an increase of 8 to 10% in farm product processing.

The total area designated for farming under VietGAP standards or equivalents will account for 10-15% of the total farming area, and the organic farming area would constitute 1%.

By 2050, Vietnam will develop itself as a global center for deep-processed agricultural products.

The strategy will set aside 3.56 hectares of land for rice farming to ensure food security, local demand, processing, storage and export.

For vegetables, clusters that combine different stages of processing, from production and processing to consumption, will be created. The focus will be on developing planting areas for traceable organic vegetables and expanding the market for high-demand fruits such as mango, banana, dragon fruit and pineapple. Investments in fruit production will be coupled with the development of processing facilities and market expansion.

In 2023, Vietnam’s farm exports grew robustly. Data showed that in January-November last year, farm exports amounted to US$24.3 billion, a 17% increase compared to the previous year.

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