Vietnamese exports of agrifood products are expected to play an increasingly important role in the country’s trade flows as a consequence of a series of recent developments:
- The recently-signed EU-Vietnam and UK-Vietnam FTAs have created favorable conditions for Vietnamese rice to compete with those of its competitors. Already in 2019, rice exports from Vietnam to the UK experienced a turnover growth of 376%. Importantly, the areas of high-grade rice varieties produced in Vietnam have expanded by 74% in 2020.
- Similarly, the Regional Comprehensive Economic Partnership (RCEP) is expected to unlock more export markets for Vietnamese agricultural products, such as China, Japan, Australia, and South Korea. Agro-forestry-aquatic products are considered to be among those with the most significant market opportunity.
- By 2030, the Vietnamese government wants to export USD 25 billion, USD 17 billion and USD 15 billion of farm products, forestry products and seafood products, respectively. To promote the export of agricultural products, the Ministry of Agriculture and Rural Development in coordination with localities is promoting the issuance of geographical indications as well as assisting Vietnamese exporters in protecting intellectual property rights, safeguarding their positions and brands in the international market.
(Sources: Vietnamnet; Bizhub)