Attracting More Funds for Sustainable Agricultural Development

2:17:36 PM | 10/21/2022

The agricultural sector of Thua Thien Hue province has not developed commensurately with its potential to woo big enterprises in recent years. Attracting businesses to invest in high-tech, circular and organic production and adapt to climate change; and increasing production along market-based value chains is considered a sustainable approach for the province.

Mr. Nguyen Dinh Duc, Director of Department of Agriculture and Rural Development of Thua Thien Hue province

As a northern central coastal province in the Central Key Economic Region and on the North-South key transport axis, Thua Thien Hue is endowed with numerous favorable conditions for social and economic development, including agriculture.

To enhance agricultural performance and sustainability, the province introduced many guidelines and policies and spent a lot of resources to support and promote agricultural development. Thus, the agricultural sector has made quite comprehensive development steps: The high commerciality, productivity and added value of agriculture and rural economy, with focus placed on development priorities for three levels of key products (national, provincial and communal).

In 2021, the agricultural GRDP expanded 3.62% and accounted for 11.7% of the province's gross regional domestic product (GRDP). The production value of agriculture, forestry and fishery totaled VND7,627 billion, up 4.4% year on year. The food grain output rose 11.6% to over 366,000 tons. The export value of agriculture, forestry and fishery was estimated at US$150 million, up 25% over 2020 (aquaculture accounted for US$45 million and wood products contributed US$83 million).

In particular, the province has applied all investment attraction mechanisms and policies of the central government and issued many incentive and support guidelines and policies to create new breakthroughs in agricultural production. At the same time, the province organized investment promotion conferences to introduce agricultural potential and advantages to internal and external businesses and investors to appeal companies to invest in agriculture.

Currently, the province has more than 10,300 hectares of agricultural land, largely for afforestation, animal husbandry and aquaculture development. In addition to small and medium-sized enterprises (SMEs), some giant corporations continue to boost agricultural investment, especially in high-tech agriculture. For example, CP Vietnam Livestock Joint Stock Company invested US$89.59 million in a 300-ha whiteleg shrimp farming and processing complex in Phong Dien district. Que Lam Group invested in a 4F farm with a designed capacity of 50 sows, 10 boars and 1,000 pigs for meat a year.

Mr. Nguyen Dinh Duc, Director of Thua Thien Hue Department of Agriculture and Rural Development, said: In spite of important achievements, the province's agriculture sector has not yet developed in commensuration with its potential. It is difficult to draw agricultural investors because this sector is highly dependent on natural conditions and weather, resulting in high risk exposures. To be effective and sustainable, it must apply high technology, which requires a huge investment fund and a long investment time, while climate, weather and land conditions in Thua Thien Hue province, which are not really favorable and stable, concern investors.

To enhance efficiency and ensure sustainability in agricultural development, in the coming time, the Department of Agriculture and Rural Development will continue to study and advise the Provincial People's Committee to issue development investment support policies to effectively implement the Strategy for Sustainable Agriculture and Rural Development in the period 2021 - 2030 and the vision to 2050, approved by the Prime Minister, in line with agricultural production practices of Thua Thien Hue province.

Particularly, the province will focus on the following key tasks: Developing technology-applied agriculture, organic agriculture and circular agriculture, with first on main local products and then on vegetables, flowers, fruit trees and medicinal plants. It will develop biodiversity-based livestock animal farms; continue to expand large timber areas certified with sustainable forest stewardship certificates, concentrated on protective forests.

Thua Thien Hue province will reorganize coordinated production while strengthening cooperatives to act as a nucleus of cooperation stages; and develop locally advantageous specialty products into OCOP (one commune one product) products.

At the same time, the province will develop non-agricultural values by combining agriculture with tourism; develop ecotourism based on natural ecosystems; foster digital transformation in agriculture and rural areas, with emphasis on reviewing and applying appropriate digital technologies to sector-specific management and production processes.

Nguyen Bach (Vietnam Business Forum)