The US has become Vietnam's largest export market.

As of November 2024, the US was the leading country with a market share of 21.7%, followed by China with 21.6% and Japan with 6.6%.

Vietnam's rice exports in 2024 are estimated to reach US$5.7 billion, an increase of 10.6% compared to the previous year - Photo: BUU DAU

Speaking at the conference to promote export At a conference on agriculture, forestry, and fisheries organized by the Ministry of Agriculture and Rural Development in Ho Chi Minh City on December 16th, Mr. Nguyen Anh Phong, Deputy Director of the Institute of Agricultural and Rural Development Policy and Strategy, stated that 2024 will be a breakthrough year for Vietnamese agriculture in both production and export.

There are 11 product categories with export turnover exceeding 1 billion USD, with 7 categories reaching over 3 billion USD.

Commodities such as coffee, pepper, rubber, and rice all recorded double-digit growth, notably coffee up 56.9%, pepper up 53.3%, and rubber up 24.6%.

Notably, the US has surpassed China to become... export market Vietnam's largest market share. As of November 2024, the US led with a 21.7% market share, followed by China with 21.6% and Japan with 6.6%.

However, according to Mr. Phong, cooperation with China has still reached many important milestones. Vietnam has signed protocols opening up markets for frozen durian, fresh coconut, and farmed crocodiles, helping durian exports reach 3.2 - 3.5 billion USD, a 1.75-fold increase compared to 2023.

In addition, Vietnamese agricultural products are appearing on these platforms for the first time. e-commerce Large Chinese platforms like TikTok, Taobao, JD.com, and Xiaohongshu are opening up opportunities to reach new consumers.

Mr. Phong predicted that the demand for fruits, vegetables, and seafood in China will continue to grow strongly from now until 2029, with growth rates of 6.64% and 7.56% per year, respectively.

Economic cooperation between Vietnam and China is becoming increasingly extensive thanks to important agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the China-ASEAN Free Trade Agreement.

However, Mr. Nong Duc Lai, Vietnam's trade attaché in China, warned that Vietnam is among the top 10 countries with the most goods under warning in this market.

The main violations involved excessive additives, mold and pathogenic bacteria contamination, and labels that did not meet requirements.

According to Mr. Lai, Chinese consumers, especially in urban areas, are increasingly focusing on product quality, health factors, and origin.

"This requires Vietnamese businesses to strictly adhere to international standards, improve their management and traceability systems to meet the increasingly stringent demands of the market," Mr. Lai advised.

Furthermore, according to the Ministry of Agriculture and Rural Development, Vietnam will face many challenges in the US market due to increasingly stringent trade protection policies, especially in the context of rising requirements for sustainable development and green standards.

In particular, Donald Trump's re-election could lead to stronger protectionist trade policies, with stringent tariffs and increasingly stringent technical regulations.

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