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Wednesday, July 24, 2024

Vietnam’s agriculture needs foreign funding

The Saigon Times

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HCMC – The country aims to leverage investments and enhance capital management mechanisms in agriculture, particularly through official development assistance (ODA) in priority sectors.

According to Minister of Agriculture and Rural Development Le Minh Hoan, one of the industry’s major targets in 2023 is to optimize international financing in agricultural development.

The authorities target to earn US$70 billion from exports of agricultural, forestry and fishery products by 2030, while foreign direct investment is expected to reach roughly US$25 billion.

Vietnam will also likely benefit from 30 gratis-aid initiatives with US$300 million over the next five years.

The ministry has collaborated closely with the relevant agencies throughout the negotiation and execution of 16 free trade agreements, connecting local firms to major markets globally.

Last year, Vietnam approved four ODA projects with a combined pledge of US$840 million.

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