Imprints of items in the "billion dollar club" (Part 2)

Wood, vegetables, shrimp, coffee, rice, cashew nuts, rubber are 7 agricultural, forestry and fishery products with export value of over 3 billion USD, in which, there are many products reaching the top of the world for the first time such as coffee, rice, vegetables,...

Wood and seafood exports continue to be the "leading flag"

Forestry products continued to lead the industry groups in terms of export turnover in 2024, when wood and wood products reached 16.2 billion USD, up 20.3%. Leading in export turnover for the whole year were wooden frame chairs, followed by living room and dining room furniture; wood chips; bedroom furniture; wood, boards and flooring; kitchen furniture.

The US continues to be Vietnam’s largest export market for wood and wood products, accounting for more than 55% of total export turnover. According to the Department of Forestry (Ministry of Agriculture and Rural Development), wood and wood product exports to the US have grown positively thanks to increased demand and reduced inventories in this market.

Mr. Tran Quang Bao, Director of the Forestry Department, said that most exported wood and wood products recorded positive growth rates in 2024. Accordingly, the shift in supply chains due to US trade protection measures against Chinese goods also created great opportunities for Vietnamese wood products.

In addition, the EU, Japan and South Korea continue to be Vietnam’s main export markets for wood and wood products. These markets not only have high demand, but also require products that meet standards of quality, design and sustainability.

VASEP forecasts that by 2025, seafood exports could reach 11 billion USD. Photo: VASEP

One of the key export industries that also made a major contribution to the export results in 2024 was seafood. Despite facing many challenges in terms of market, logistics and raw materials for processing, seafood exports in 2024 still reached an impressive target of over 10 billion USD.

Mr. Nguyen Hoai Nam, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said that the main contributors to export growth last year were the two key products, shrimp and pangasius, which accounted for 60% of total export turnover. Of which, shrimp exports reached 4 billion USD, up 16.7%; pangasius brought in 2 billion USD, up 8.9% over the same period last year.

In addition, the export of exploited seafood also recorded success with a turnover of more than 4 billion USD. Increasing deep processing of seafood products is also focused on by businesses to expand and maintain their position in the markets.

To achieve this result, Mr. Nam said that since the beginning of 2024, businesses and localities have focused on opening the market, in which VASEP coordinated with the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade to open key markets such as the US, Europe... This has significantly impacted export market shares.

Forecasting 2025, Mr. Nam said, this year is expected to continue to grow better, possibly returning to the 11 billion USD mark of 2022. "On the world seafood export map, Vietnam is currently the 3rd largest exporting country, behind only China and Norway, showing that the seafood industry is on the right track in sustainable development and increasing the added value of products," said Mr. Nam.

Rice, vegetables reach record numbers

For the first time, fruit and vegetable exports reached 7.12 billion USD, 1.6 billion USD higher than in 2023. A huge contribution to this record must be mentioned in durian exports when this "billion dollar" fruit brought in 3.2 billion USD, equivalent to 45% of total fruit and vegetable export turnover.

Mr. Nguyen Dinh Tung - Vice President of the Vietnam Fruit and Vegetable Association, General Director of Vina T&T Company said that the success of the fruit and vegetable export industry does not only come from market expansion. Efforts such as exporting durian to China by the end of 2022, bringing grapefruit to the US and New Zealand in 2023, or exporting coconut to China in 2024 have helped to increase the export value sharply.

In addition, the Vietnamese fruit and vegetable industry has adapted well to the strict technical barriers from international markets. Meeting the requirements of growing area codes and packing plant codes has paved the way for Vietnamese fruits and vegetables to conquer many demanding markets, escaping the state of fragmented production.

Mr. Tung said that by 2025, the fruit and vegetable industry strives to export 8 billion USD, of which, durian exports are expected to continue to increase to 3.5 billion USD. In addition to durian - the main export item, many other fruits such as bananas, jackfruit, mango, longan, lychee, dragon fruit also have great potential and are being promoted for fresh export, frozen processing and drying.

In 2024, Vietnam's durian exports will reach 3.2 billion USD. It is forecast to increase to 3.5 billion USD in 2025. Photo: Minh Hue

By the end of 2024, the rice industry set a new export record in both output and turnover, for the first time exporting more than 9 million tons, bringing in nearly 5.8 billion USD, consolidating Vietnam's position as a top 3 rice exporting country in the world.

Assessing the results of rice exports in 2024, Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department (Ministry of Industry and Trade) said that the average export price of Vietnamese rice has improved, reaching 627 USD/ton last year, while previously it was under 600 USD/ton.

In 2024, the Philippines will be Vietnam's largest rice consumer market with 3.6 million tons, accounting for 40% of total rice exports. Meanwhile, rice exports to China will decline sharply. It is estimated that in 2024, Vietnam's rice exports to this market will only reach 250,000 tons, down 71% compared to 2023, although 2023 has also decreased significantly compared to previous years.

Forecasting the "picture" of the rice market in 2025, Mr. Nguyen Ngoc Nam, Chairman of the Vietnam Food Association analyzed that, looking at the reality in 2024, although India limited exports, it was not until September 2024 that it officially opened its white rice and broken rice warehouses, but in 2024, the country's rice export output still reached over 17 million tons, nearly double that of Vietnam. With the recovery of production output, it is expected that in 2025, India can export 21 - 22 million tons of all kinds of rice, an increase of 5 million tons compared to 2024. This will have a certain impact on the rice export market share of other countries; including Vietnam and Thailand.

"Regarding the export market, besides some countries that are likely to increase imports, the purchasing pace in some other countries is expected to slow down. For example, Indonesia, after continuously purchasing in 2024, has the highest rice inventory in 5 years. The government of this country plans to not import rice or only import a small amount in 2025, while actively promoting domestic production towards food self-sufficiency. This is an issue that Vietnamese export enterprises need to pay attention to in order to promptly change direction and diversify markets and customers in the coming time," Mr. Nam added.

Mr. Pham Thai Binh, Chairman of the Board of Directors of Trung An High-Tech Agriculture Joint Stock Company, shared that currently, the output of commercial rice is not much and importers also have the mentality of waiting until the upcoming Winter-Spring crop to buy, so buying and selling activities are quite quiet.

It is forecasted that after the Lunar New Year, when the Mekong Delta provinces begin harvesting the winter-spring crop, supply will increase, and the rice market will gradually increase its trading pace. World and domestic rice prices are forecast to decrease compared to 2024 due to increasing competition for export market share among countries.

According to Mr. Binh, India's rice output is large but it has little direct competition with Vietnamese rice due to different varieties and quality. In particular, in the high-end segment, Vietnamese rice has been recognized by customers with many specialty varieties such as ST24, ST25, Jasmine,...

Vietnamese rice exporting enterprises are not afraid to compete with rivals from Thailand or Cambodia, but are "very afraid" of the situation where domestic enterprises "devalue" and eliminate each other to win orders and customers, but then deliver poor quality products, affecting the reputation of the Vietnamese rice brand.

Source: https://danviet.vn/hien-thuc-hoa-muc-tieu-xuat-khau-nong-san-100-ty-usd-dau-an-nhung-mat-hang-thuoc-cau-lac-bo-ty-do-bai-2-20250112204742993.htm