Vietnam's agricultural exports reach high record in October

Vietnam ranks second in Southeast Asia in agricultural exports

According to data from the Ministry of Agriculture and Rural Development (MARD), export turnover for agricultural, forestry, and fishery (AFF) products in October 2024 is estimated to have exceeded 5.9 billion USD. For the first ten months of the year, the total AFF export turnover reached over 51.7 billion USD, reflecting a 20.2% increase compared to the same period in 2023.

Asia is the largest market for Vietnam’s AFF products, holding a 48% share. The next two largest markets are the Americas and Europe, with shares of 23.5% and 11.5%, respectively.

Addressing the media on October 31, Deputy Minister Phung Duc Tien reaffirmed that reaching the 55 billion USD export target for this year is well within reach. He stated, “Vietnam’s agricultural exports have hit an all-time high. This year, we will achieve the highest agricultural export turnover in our history. Vietnam is currently ranked second in Southeast Asia and 15th globally for agricultural exports.”

In response to questions about whether the record-breaking exports are due to increased value or production, Deputy Minister Tien emphasized that economic value and productivity go hand in hand. He noted that Vietnam’s agricultural sector increasingly meets high technical standards, which raises the economic value of its agricultural products. Programs to foster trade, connections, and investment have also contributed to modernizing the sector.

The Deputy Minister added, “In all investment and development initiatives, the Ministry of Agriculture and Rural Development views localities as the backbone of the agricultural sector. Farmers are the primary beneficiaries of scientific advances and technical solutions.”

Agricultural, forestry and fishery trade outlook

The United States, China, and Japan remain the top three export markets for Vietnam's agricultural products. Compared to the same period last year, exports to the United States increased by nearly 26%, to China by over 11%, and to Japan by nearly 6%.

In October, the import turnover of agricultural and forestry products is estimated at close to 4.2 billion USD. For the first ten months of the year, the total import turnover reached over 36.5 billion USD, reflecting an 8.5% increase compared to the same period in 2023.

Among product categories, forestry, fishery, and agricultural products recorded trade surpluses. Specifically, the forestry sector posted an estimated surplus of 11.75 billion USD, up nearly 19% year-over-year; the fishery sector had a surplus of 6.21 billion USD, an increase of more than 17%; and the agricultural sector had a surplus of 4.67 billion USD, a remarkable 4.2-fold increase.

In contrast, three other product groups showed trade deficits: the production input group had a deficit of 4.75 billion USD, up 7%; livestock products saw a deficit of 2.64 billion USD, up 7.2%; and salt recorded a deficit of 24.6 million USD, a decrease of around 24%.

Currently, the agricultural sector boasts six products with trade surpluses exceeding 1 billion USD. Wood and wood products lead with a surplus of 10.91 billion USD, up 19.6% from last year. Fruits and vegetables follow with a surplus of 4.47 billion USD, up 39.6%, while coffee has a surplus of 4.33 billion USD, up 38.5%. Rice exports generated a surplus of 3.68 billion USD, marking a 13.1% increase, while shrimp and tra fish (pangasius) posted surpluses of 2.92 billion USD (up 21.7%) and 1.54 billion USD (up 8.7%).