Conference to draw more private capital for agriculture

The Ministry of Planning and Investment (MPI) and Ministry of Agriculture and Rural Development will hold a conference on July 30 to discuss solutions for the development of the agricultural sector and open the door for investment from the private sector.— Photo nhandan.com.vn

The conference will be held in the central highland province of Lam Dong and chaired by Prime Minister Nguyen Xuan Phuc, the MPI said at a press conference on Friday.

The upcoming conference will be an opportunity for the Government, PM, Government agencies, local authorities, companies and associations to review and evaluate investment projects, achievements, issues, problems, challenges and solutions to increase private investment in the sector in the future.

The conference is expected to show the Government’s focus on the agricultural sector, which many consider has room for further development.

At the conference, the Government will discuss Decree 57/2018/ND-CP dated April 17, 2018 encouraging private companies to make investments in the sector and listen to their problems, challenges and recommendations.

According to Minister of Agriculture and Rural Development Vu Dai Thang, agriculture is an important sector for Viet Nam and has help improve the lives of farmers while contributing to the country’s economic growth.

Viet Nam became the world’s largest agricultural exporter in 2017. Of the total export value, fisheries accounted for US$8.3 billion, followed by cashews ($3.5 billion), fruit and vegetables $3.5 billion, coffee ($3.24 billion), rice ($2.6 billion) and pepper ($1.1 billion).

By the end of the last quarter, more than 49,600 private companies had made investments in the agricultural sector, accounting for 8 per cent of the total number of private firms in the country.

However, most of those firms were only micro-sized businesses, accounting for 92.35 per cent of the total firms making investments in the sector. They were followed by large-scale (6 per cent) and medium-sized firms (2 per cent).

Private companies in the agricultural sector have employed more than 4.5 million people, accounting for 32.5 per cent of Viet Nam’s total workforce.

Companies that have invested in the agricultural sector face disasters and diseases, making their businesses more highly risky and vulnerable than others. They have also reported problems regarding insufficient land, limited supporting industries and problematic administrative procedures. — VNS