Vietnam’s agricultural growth to break the record in the year 2018

Vietnam’s agricultural growth to break the record in 2018

Summarizing the year 2018, Vietnam is very proud to state that the export revenues hit the high record with US$40.02 billion, in which the agricultural growth rate has been the highest over the past seven years.

Reported by Ministry of Agriculture and Rural Development (MARD), targets of the agricultural sector in 2018 exceeded the plan of the whole year and were higher than that of the previous year. Especially, the gross domestic product (GDP) of agriculture, forestry and fishery expanded by 3.76% to reach the highest level during the past seven years. In addition, the production value increased by 3.86% and forest coverage hit 41.65%.

Remarkably, the export revenues of the sector constituted at US$40.02 billion, resulting in a trade surplus of US$8.72 billion. Export turnover of over US$1 billion continued to be maintained in the 10 commodity groups, among which five items reached more than US$3 billion, including wood and wood products (US$8.86 billion), shrimp (US$3.59 billion), fruit and vegetable (US$3.81 billion), coffee (US$3.46 billion) and cashew nuts (US$3.43 billion).

In addition, the production structure was also improved to be more appropriate and effective to meet the market demand. There are various high tech agricultural models and organic technologies for vegetables, flowers and fruit production, resulting in an income five times higher than rice production. Besides, the value of crop production increased by 2.52%, higher than the set target (2.5%).

Regarding animal husbandry, the livestock production value surged by 3.98%, higher than the set target (2.1%). The fisheries sector also achieved the outstanding success in 2018 with the total output reaching 7.74 million tonnes, up 6.1%, of which the proportion of high value products increased sharply, with shrimp hitting around 800.000 tonnes, up 7.1%, and pangasius at around 1.426 million tonnes, up 11.1%.

Prime Minister Nguyen Xuan Phuc said that he highly appreciated the efforts of the whole agricultural sector and expected the sector to strive to enter the group of 15 largest agricultural nations in the world in the next 10 years. In addition, the agricultural growth in 2019 must reach at least 3%, meanwhile agricultural exports is estimated to reach approximately US$43 billion.

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