Vietnam News

Vietnam sets new record in agricultural product export revenue

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Many agricultural products such as rice, coffee, cashew and durian have set their own records in export revenue, contributing to brightening the picture of Vietnam’s exports for this year.

As of the end of August, Vietnam exported nearly 1.2 million tonnes of coffee for US$2.9 billion, representing a fall of nearly 6% in volume but 2.3% rise in value over the same period last year thanks to a hike in coffee prices in many consecutive months as a result of low supply.

According to the Ministry of Agriculture and Rural Development (MARD), Vietnam is likely to ship abroad about 1.7 million tonnes of coffee in the whole year to earn a record revenue of 4.2 billion USD.

At the same time, in August, Vietnam exported an impressive volume of 61,000 tonnes of cashew nuts for US$334 million, up 11% and 10%, respectively, compared to July, and 29% and 22% over the same period last year. The result pushed the total export volume of cashew nuts in the first eight months of 2023 to nearly 396,000 tonnes with a value of US$2.3 billion Those represent year on year increases of 15.5% and 11.3%, respectively.

In the January-August period, cashew nut export to key markets such as China, Germany, England, United Arab Emirates, and Saudi Arabia increased compared to the same period last year. This year, the cashew industry aims to earn more than US$3.1 billion from exports. According to the Vietnam Cashew Association the market is expected to continue the rising trend to year-end, making it possible for the industry to complete its goal.

The fever pitch surrounding rice prices still shows no signs of cooling down. As of the end of August, Vietnam shipped abroad 6 million tonnes of rice for nearly 2.3 billion USD, equivalent to that recorded in the whole 2022.

Vietnam expects to export over 1 million tonnes of rice from now to the end of this year, earning about US$600 million at current export prices. Many rice experts believe that in 2023, Vietnam can export up to 7.5 million tonnes of rice with a turnover of about 3.8 – 3.9 billion USD.

In the field of fruits and vegetables, along with the “rising star” of durians which have enjoyed an export revenue of more than US$1 billion in only eight months, many other products are promising good growth in the remaining months of the year and even next year.

Besides, other products such as jackfruits, mangos, watermelon, and especially coconuts also see great export potential.

Since the beginning of August, the US has licensed Vietnamese coconuts. China is also considering granting codes for coconuts to be officially exported to the market. If approved soon, coconut export turnover in the coming time can increase 2-3 times compared to the average level over the past many years, to about US$250 million. 

Viet Nam News – October 1st, 2023

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