09:11 | 04/08/2017 Trade
(VEN) - The export value of agricultural, forest and fishery products has grown continuously since the beginning of this year, targeting an annual target of US$33 billion.
According to the Ministry of Industry and Trade (MoIT), the export value of products in this category reached US$13.7 billion in the first five months of this year, up 9.5 percent compared with the same period in 2016. Price rises generated an increase of US$627 million in the export value of key agricultural products, resulting in a 13.6 percent rise in the export value of businesses with 100 percent domestic capital, much higher than the 3.7 percent growth rate in the first five months of 2016.
Fruit, vegetable, coffee and rubber have moved ahead of rice and cassava in terms of export value. Notably, fruit and vegetable exports have grown more than 30 percent per month and are expected to reach US$3 billion by year’s end.
Rice exports increased slightly following a long period of continuous plunges. In the first five months of this year, Vietnam exported 2.3 million tonnes of rice, earning US$1 billion, up 1.6 percent in volume and 1.2 percent in value compared with the same period in 2016. It is hoped that major orders from Bangladesh and the Philippines will generate strong increases in rice exports.
Regarding seafood, according to the Vietnamese trade office in Australia, from June 15, 2017, the Australian Department of Agriculture and Water Resources is accepting applications for import of uncooked shrimp caught in Australia to be exported to Vietnam for processing and then re-imported back to Australia. This will help the Vietnamese fishery sector increase its export value.
Maximizing business support
To achieve the US$33 billion annual target set for agro-forestry-fishery exports, along with promoting administrative reforms, the MoIT is seeking new export markets for products in this category.
Specifically, the MoIT is coordinating with other ministries and sectors to promote the implementation of cooperation agreements on trade in agro-forestry-fishery products with China, and memorandums of understanding on trade in rice with Latin America, Africa and Asia. The MoIT will also discuss measures to boost agro-forestry-fishery exports at the sessions of Vietnam’s intergovernmental committees with partner countries.
Further, the MoIT will provide businesses with information about trade defense policies applied by other countries and conduct research to find their incompliance with regulations of the World Trade Organization (WTO). The ministry will also ask the government to seek support from the WTO’s Dispute Settlement Body to cope with barriers that cannot be removed through negotiations. At the same time, it will work with relevant authorities of importing countries to accelerate the consideration of pest risk analysis reports and grant licenses for some kinds of Vietnamese agricultural and fishery products to enter their markets in 2017.