The agro-forestry-fishery sector posted a trade surplus of over 7.9 billion USD in the first ten months of this year, up 10.7 percent year-on-year, the Ministry of Agriculture and Rural Development (MARD) has reported.
Hanoi (VNA)✱ - Theagro-forestry-fishery sector posted a trade surplus of over 7.9 billion USD in thefirst ten months of this year, up 10.7 percent year-on-year, the Ministry ofAgriculture and Rural Development (MARD) has reported.
Exports were estimated at33.6 billion USD, up 1.1 percent year-on-year, while imports reached nearly25.6 billion USD, down 1.5 percent.
In October alone, totalexport turnover rose 4.2 percent against September, to around 3.8 billion USD.
✨ Despite COVID-19, several farm produce items earned higher export revenueyear-on-year, including rice, vegetables, cassava, shrimp, wood, and wooden andbamboo products.
Coffee, rice, cashew nuts,fruit and vegetables, shrimp, and wooden furniture joined the 2 billion USD export club, while eight other categories of goods each earned more than 1 billionUSD. Sectors posting a decline inexport value include pepper, down 15 percent, fruit 18.5 percent, and tra fishover 21 percent. The US remained Vietnam’s largestexport market, with about 8.6 billion USD, up 20 percent annually and accountingfor around 25.6 percent of the market share. It was followed by China, with 8.2billion USD, down 7.8 percent and making up 24.3 percent of the market share,ASEAN, with 3.2 billion USD, and the EU with around 3.1 billion USD. Between now and the end of theyear, MARD will partner with other ministries, agencies, localities, and businessesto tackle trade difficulties, in particular promoting market regulations toboost farm produce trade amid new developments of the pandemic, focusing on major markets such as China,the EU, the US, Japan, and the Republic of Korea./.
Mechanisms and policies to support the local agro-forestry-fisheries sector have been broadly carried out around northern Vinh Phuc province since the beginning of the year, with a shift towards concentrated production based on value chains and market demand.
Vietnam raked in 30.05 billion USD from exporting agro-forestry-aquatic products in the first three quarters of 2020 and the value is hoped to hit over 40 billion USD for the whole year, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
Vietnam's seafood exports to the European Union (EU) market this year is forecast to decrease by 20 percent compared to last year, reaching only over 1 billion USD, heard a workshop held in the Mekong Delta city of Can Tho on October 16.
Vietnam aims to develop its fisheries sector into a large commodity production industry with competitive capacity and responsible and sustainable integration in line with international institutions, contributing to improving incomes for industry workers.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative image (Photo: VNA) 
