Việt Nam remained Singapore''s 5th largest exporter of aquatic products for three straight quarters, the Việt Nam Trade Office in the city-state has said.
Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến has affirmed his confidence that Việt Nam’s agro-forestry-aquatic product exports can reach the revenue target of US$55-56 billion this year.
In the four months, Việt Nam shipped abroad $10.44 billion worth of agricultural products, a year-on-year rise of 32.5 per cent $5.18 billion of forestry products, up 22.8 per cent and 2.68 billion of aquatic products, up 4.2 per cent.
The loans, with interest rates lower than market rates by 1-2 per cent annually, were designed to help the sectors cope with and overcome difficulties experienced during this turbulent period.
Việt Nam is a major exporter of agricultural products, the majority of its agricultural production occurs on a small scale and is dispersed, posing challenges in bulk procurement of farm produce.
Agro-forestry-aquatic product exports were estimated at US$20.26 billion in the first five months of 2023, down 11.1 per cent year on year, according to the Ministry of Agriculture and Rural Development (MARD).
The decrease in agro-forestry-aquatic product export revenue was attributable to impacts of the global economy which is forecast to slow down this year, the Russia-Ukraine conflict, and inflation surges in some countries, MARD said.
Viet Nam has been China''s largest trade partner among ASEAN countries and the sixth biggest in the world for many years. Meanwhile, China is the largest trade partner and the biggest export market of Viet Nam.
The association reported that in January, the total export value of aquatic products ped 31 per cent to about US$600 million, with revenue generated from major markets also falling by 56 per cent in the US market, 55 per cent in...
China has been Viet Nam''s leading trade partner for many years. Remarkably, the bilateral trade topped US$165.8 billion in 2021, of which over US$41.8 billion flowed through border gates.
The value of aquatic exports in July fell below US$1 billion for the first time in 2022, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).