According to the Ministry of Agriculture and Rural Development , in 2024, the export value of agricultural, forestry, and aquatic products nationwide could reach over 60 billion USD, exceeding the set target and setting an all-time high. Meanwhile, in the domestic market, the consumption of agricultural products is also favorable, not only minimizing the "bumper harvest, low prices" situation but also maintaining high selling prices for many products, bringing significant profits to farmers.
In the first 11 months of 2023 alone, exports agriculture, forestry, and fisheries It reached $56.74 billion, a 19% increase compared to the same period in 2023.
Industries are competing to break records.
The first 11 months of 2024, rice exports Exports reached nearly 8.5 million tons with a value of US$5.31 billion, an increase of 10.6% in volume and 22.4% in value compared to the same period in 2023, and higher than the total export value for the whole year of 2023. The Philippines is Vietnam's largest rice consumer market, followed by Indonesia and Malaysia. The average export price of Vietnamese rice in the first 11 months of 2024 is estimated at US$627.9/ton, an increase of 10.6% compared to the same period in 2023. Notably, in 2024, Vietnam's export rice price will almost always be the highest in the world , surpassing major exporting countries such as Thailand, India, and Pakistan.
High export rice prices have led to increases in domestic paddy prices, boosting profits for rice farmers. Nguyen Cao Khai, Director of Thuan Tien Cooperative (Thanh An commune, Vinh Thanh district, Can Tho city), stated: "In 2024, there was virtually no surplus of paddy after harvest; in fact, traders and businesses even placed early deposits to purchase paddy for export contracts. As a result, farmers are very enthusiastic and actively investing in replanting, especially with high-quality rice varieties."
Along with rice, in 2024, coffee prices also repeatedly set and then broke records, elevating Vietnam to a new position in the global coffee market. In the first 11 months of 2024, although coffee exports decreased in volume, they increased by 32.8% in value compared to the same period in 2023, reaching nearly 1.2 million tons with a turnover of 4.84 billion USD. The average export price of coffee in the first 11 months of 2024 was estimated at 4,037 USD/ton, an increase of 56.9% compared to the same period in 2023. Domestic coffee prices also consistently remained at extremely high levels, reaching a peak of nearly 150,000 VND/kg.
At this time, although the 2024-2025 coffee crop is entering its peak harvest season, domestic coffee prices continue to rise because farmers are not selling off their produce in large quantities, resulting in limited supply. World coffee prices also continue their upward trend thanks to increased buying by investors and concerns about supply disruptions, creating favorable conditions for Vietnam's coffee exports to reach over $5 billion USD in 2024.
Among the highlights of agricultural consumption in 2024, the rapid development of the fruit and vegetable sector cannot be overlooked. Export turnover in the first 11 months has already surpassed that of the entire year 2023, reaching US$6.66 billion, a 28.2% increase compared to the same period in 2023. It is projected that for the whole year 2024, fruits and vegetables will bring in approximately US$7.2 billion with a trade surplus of over US$4.5 billion, making a significant contribution to the overall trade balance of the sector.
According to Nguyen Thanh Binh, Chairman of the Vietnam Fruit and Vegetable Association, the fruit and vegetable industry is entering a period of rapid and strong development due to significant market advantages, especially in the key Chinese market with the increasing number of signed protocols on official export. In addition, processed fruit and vegetable products are becoming more numerous and diverse, meeting the needs of other market regions such as the European Union, the United States, Japan, and Australia.
In addition, cashew nuts, pepper, and seafood also recorded high export growth. In 2024, pepper officially rejoined the "billion-dollar" export club after more than 10 years of absence, with export value in the first 11 months reaching US$1.22 billion, an increase of 46.5% compared to the same period in 2023. Similarly, the seafood industry also strived to overcome many obstacles to regain its growth momentum, approaching an export value of over US$10 billion in 2024, with export value reaching US$9.2 billion in the first 11 months, an increase of 11.8% compared to the same period in 2023.
Diversify domestic and export markets.
According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the continuous growth in Vietnam's agricultural, forestry, and fisheries exports in recent times is due to the increasingly improved quality of Vietnamese agricultural products, meeting the stringent requirements and regulations of many markets around the world. In addition, agricultural production has also seen new developments in almost all sectors and fields with the application of high technology in production.
In there, rice production As one of the pioneering sectors in high-quality, low-emission production, rice is creating new added value. On the other hand, efforts to open up export markets for agricultural, forestry, and aquatic products in recent years have also yielded many positive results. In addition to signing more official export protocols for many goods to the Chinese market, Vietnam currently participates in 17 bilateral and multilateral free trade agreements with countries and regions around the world, creating significant opportunities for exporting goods, including agricultural products.
Most recently, the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed. This is the first free trade agreement Vietnam has signed with an Arab country, serving as an important foundation for promoting the export of key products to the United Arab Emirates (UAE) as well as accessing other markets in the Middle East, West Asia, and Africa. According to Vietnamese trade attachés in many countries, Vietnam has significant potential and opportunities to capture the global market for Halal agricultural products and food for Muslims. This is also considered a new gateway for Vietnam's agricultural exports, targeting large-scale consumer markets.
Besides the export market, businesses are also actively exploiting the domestic market to consume agricultural products. With a market size of 100 million people, the demand for agricultural products and food nationwide is currently very large, while consumers are increasingly prioritizing Vietnamese goods. This forms the basis for diversifying consumption channels, with advantageous products including rice, fruits and vegetables, and seafood.
Specifically for seafood, according to the Vietnam Association of Seafood Processing and Export (VASEP), there is still significant potential for domestic consumption if businesses focus on investing in exploitation. Currently, many seafood businesses consider the domestic market as one of their important segments, generating good revenue and mitigating potential risks when the global market fluctuates. Therefore, along with focusing on opening up export markets, the "domestic market" is also an important channel for industries and businesses to boost sales and consumption, guiding agriculture towards even higher growth milestones.
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