Vietnam's Agricultural Exports Soar: A Promising Path to $1 Billion in 2023

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12/06/2023 02:37

Vietnam's agricultural sector has been experiencing significant growth in recent years, with several key export commodities showing promising performance

Vietnam's agricultural sector has been experiencing significant growth in recent years, with several key export commodities showing promising performance

I. The Durian Phenomenon in China

Vietnamese durian has witnessed a remarkable surge in demand in the Chinese market, which has historically been dominated by Thailand. Entrepreneurs and importers in China are expressing their confidence in Vietnamese durian due to its excellent quality, competitive pricing, and shorter transportation time from cultivation areas to consumer markets.

[Vietnamese durians are in high demand]

 To facilitate the import of Vietnamese durian, local authorities in the Guangxi province have established logistics service centers, streamlining the import process. This positive response from the Chinese market indicates a substantial increase in the volume of Vietnamese durian imports, with estimates reaching 900,000 tons, surpassing the previous year's figure of 820,000 tons.

 

II. Coconut Industry on the Verge of Joining the $1 Billion Club

Vietnam's coconut industry, although yet to gain official export approval for fresh coconuts to China, has been engaged in active negotiations between the relevant authorities of both countries. Despite this, exports of fresh coconuts and coconut-based products, including handicrafts, contribute nearly $1 billion in revenue. 


[Vietnamese coconuts experience high profit in 2023]

 The active negotiations between the relevant authorities of both countries provide optimism for the future export of fresh coconuts. The high demand for fresh coconuts and coconut-based products worldwide, particularly in the processed food and confectionery industry, offers significant export opportunities for Vietnam. 

 

III. The Future of Vietnam's Fruit and Vegetable Exports

Vietnam's fruit and vegetable exports have been experiencing rapid growth, demonstrating a substantial breakthrough in the sector. The value of fruit and vegetable exports reached $600 million in May 2023, contributing to a total export value of $1.97 billion in the first five months of the year, a remarkable 39% increase compared to the same period in 2022. China remains the largest consumer of Vietnamese fruits and vegetables, with a market share of 58.7%, amounting to $805 million, reflecting a 30% increase from the previous year. The Netherlands has shown the most significant growth, with exports to the market increasing by over 72% in the first four months of the year.

Vietnam's diverse agricultural landscape, spanning 53 out of 63 provinces, supports the cultivation of various crops. The country has approximately 6,500 cultivation areas and 1,600 packaging facilities, each assigned export codes for 25 types of products, including dragon fruit, lychee, mango, rambutan, passion fruit, lime, pomelo, and more. These exports are primarily targeted at markets such as China, the United States, Australia, New Zealand, South Korea, Japan, and the European Union. Notably, durian has recently gained official export approval to China, with 293 cultivation areas and 115 packaging facilities receiving export codes. In the third and fourth quarters of 2023, nearly 7.6 million tons of key fruits are expected to be consumed, highlighting the immense potential and demand for Vietnamese agricultural products.

The surge in demand for Vietnamese durian in the Chinese market, along with favorable conditions such as quality, competitive pricing, and efficient logistics, positions Vietnam as a key player in the global agricultural market. The industry's success not only contributes to the country's economic growth but also provides opportunities for farmers and businesses to increase

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