Agriculture sector sets new records amid global challenges

The agriculture sector emerged as a firm pillar of the economy last year, setting a series of new records despite global market downturn.

Minister of Agriculture and Rural Development Le Minh Hoan commended the entire sector for its tremendous efforts during a period of unprecedented economic challenges. He declared 2023 the year of extraordinary achievements in agricultural exports, highlighted by a historic peak in rice exports at nearly 8.3 million tonnes, accompanied by record-high grain prices globally.

Fruits and vegetables also marked a significant breakthrough, generating an all-high revenue of nearly 5.7 billion USD. Notably, various fruit-bearing plants commanded high selling prices, translating into substantial gains for farmers.

A pivotal accomplishment in 2023 was the sector's record-breaking trade surplus, soaring to 12.7 billion USD, reflecting a noteworthy increase of 43.7%. Six key commodity groups, namely rice, fruits and vegetables, coffee, cashew nuts, shrimp, and wood and wooden furniture, recorded export turnovers exceeding 3 billion USD.

Hoan reported the establishment of 1,400 new enterprises in the sector in the past year, bringing the total to over 16,100, up 7.3% annually.

Beyond the efforts of small- and medium-sized enterprises, major corporations continued to bolster their investments in agriculture, particularly in high-tech one. The overall growth in the sector reached its highest level in the last five years, sustaining growth across all domains while ensuring food security and major balances of the economy, and contributing to macroeconomic stability, he said.

Yet another "first time" accomplishment was the quality control of nearly 90% of planted forest areas, with the sale of 10.3 million forest carbon credits at a rate of 5 USD per tonne. This unprecedented move generated a substantial revenue of 51.5 million USD for the forestry industry.

Looking ahead, the sector has set ambitious goals, aiming for a growth rate of 3-3.5% and export revenue of around 54-55 billion USD, surpassing that in the previous year by 1-2 billion USD.