New Record of Vietnam Agricultural Export

Recently, Vietnam Ministry of Agriculture and Rural Development published the new data of Vietnam Agriculture Export in 2014. The export turnover of this sector set a new record of 30.8 billion USD, an increase of 11.2% in comparison to the previous year.

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According to the Ministry of Agriculture and Rural Development, 2014 continues to be an unfavorable year for the consumption of agricultural products. The demand for agricultural products in the world market has been in the downtrend since mid-2012 because major export markets of Vietnam agricultural products like EU, the United States, Japan, Philippines... have maintained the slow growth with the low purchasing power. This directly affects Vietnam agriculture export. Nonetheless, the export turnover of Vietnam agricultural staples including aquatic and forestry products has significantly increased. As a result, the export turnover of the whole sector also strongly grows.

With the revenue of nearly 31 billion USD from exports, in 2014, Vietnam agriculture gains the trade surplus of 9.5 billion USD (increasing 7.7% in comparison to 2013). According to the published data, the export and import turnover of Vietnam agriculture, forestry, and fishery is estimated to achieve 53 billion USD, in which, the export reaches at 30.86 billion USD (an increase of 11.2% compared to 2013). The overall trade surplus of the whole sector is nearly 9 billion USD. Main agricultural commodities giving the largest contribution to the export turnover are estimated at 14.5 billion dollars (increasing 11.1%). The value of aquatic export is about 7.92 billion USD, which grows 18.4%. The export value of primary forestry products is estimated at 6.54 billion USD (growing 11.5%).

Contributing to set a new record of the agriculture, there are 9 Vietnam commodities exporting to the other countries with the values of over 1 billion USD involving aquatic products, wood and wood products, coffee, vegetables, cashew, rice, rubber, cassava and cassava products. Commodity items achieving the impressive increase consists of aquatic products (7.92 billion USD, an increase of 18%), wood and wood products (6.54 billion USD, an increase of 12.7%), coffee (3.6 billion USD, an increase of 32.6%), vegetables and fruits (1.47 billion USD, an increase of 39.4%), pepper (1.2 billion USD, an increase of 34.1%), and cashew (2 billion USD, an increase of 21.1%). However, in 2014, the export turnover of Vietnam agricultural staples in the previous years including rice and rubber has decreased. It is estimated that Vietnam rice export only reach 3 billion USD, a decrease of 1.9%, meanwhile, rubber achieve 1.8 billion USD, a decrease of 30%. The average rubber export price in the first 11 months of 2014 is approximately 1,695 USD/ton, which decreases 27.3% compared to the previous year. Although China and Malaysia remain the largest market of Vietnam rubber consumption in 11 months of 2014, there is a downtrend compared to 2013. The rubber import of China fell 5% in volume and 30% in value, meanwhile, Malaysia fell 7% in volume and 37% in value.

According to Vietnam Ministry of Agriculture and Rural Development, in 2015, Vietnam has to implement its WTO and FTA commitments. This will be challenges of Vietnam Agriculture. In spite of the differences in the level of commitment and the execution time, in general, the openness of the agricultural sector in Vietnam is pretty wide and deep. In 2015, Vietnam is almost fully-open the agricultural market in the ASEAN region. Import duty of all agricultural commodities are equal to 0% except from some in a list of sensitive agricultural products such as sugar, poultry meet and eggs, grapefruit, and lemon. These products will be applied 5% import tax.