Vietnamese agriculture sector recorded positive growth in 2007 despite a forecast that it would face numerous challenges after the country joined the World Trade Organization (WTO).
Last year, Vietnam’s agricultural, seafood and forestry production values reached VND199.977 trillion (US$12.5 billion), accounting for 19.8 per cent of the Gross Domestic Product (GDP).
The total included VND146.811 trillion from agricultural production value, up 4.6 per cent; VND46.663 trillion from fisheries, up 11 per cent and VND6.53 trillion from forestry, up 1 per cent on year.
In 2007, the country’s exports of seafood, agricultural and forestry products reached US$12.6 billion, up 20 per cent against 2006 and contributing 25 per cent to the country’s total export revenues.
The Ministry of Agriculture and Rural Development (MARD) and the Ministry of Trade and Industry (MTI) said 2007 was a successful year for exports of farm produces and seafood as major export staples like rice, coffee, pepper and cashew nuts earned export revenues of more than US$1 billion each and kept the world’s top position.
Among the items, seafood exports took lead with total revenues of US$3.75 billion, followed by woodworks, coffee, rice and rubber with US$2.34 billion, US$US$1.8 billion, US$1.48 billion and US$1.4 billion.
The MTI reported that with their own potential, export markets for Vietnamese farm produces will be expanded thanks to its WTO membership. Aside from traditional markets, almost all export staples found new outlet during the past year.
However, MARD admitted that though the FDI flow into the country increased sharply, reaching US$20 billion in 2007, the foreign investment in agriculture was still modest, making up just 10.6 per cent in the number of projects and 6.5 per cent in capital. Most of them are from Asia region.
MARD said increasing investment in agriculture and agricultural planning will be the main focus in the coming years to come to help farmers effectively find outlets for their products.
MARD will prioritize the farming restructuring, scientific and technological applications and invest in processing and post-harvest technology to raise the quality of farm produce. (VNA, Vietnam Economic Times)
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