The US has become the biggest trading partner of Vietnam s agriculture sector

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3402 5423 z2710125468959 43b2b67db3b948d71a4ac2a3747b9903 - The US has become the biggest trading partner of Vietnam s agriculture sector
In the first ten months of 2021, forest products are the sector with the strongest growth in export value among the agricultural, forestry and fishery industries. Photo: Nguyen Thanh

According to information announced by the Ministry of Agriculture and Rural Development on November 2, 2021, in the first ten months of 2021, the total import-export turnover of agricultural, forestry and fishery products is estimated at over US$74.3 billion, up 24.2% over the same period last year.

Regarding exports, the total value was estimated at nearly US$38.8 billion, up 13.1% over the same period last year. In which, the main agricultural product group is estimated at nearly US$17.4 billion, up 12.7%; main forest products reached about US$12.8 billion, up 22.3%; seafood reached nearly US$6.9 billion, down 0.8%; livestock production was estimated at US$359 million, up 6.1%; the production input group was about $1.4 billion, up 22.3%.

Generally, in ten months, many products/product groups with increased export value include: coffee, rubber, rice, vegetables and fruits, pepper, cashew nut, cassava and cassava products, livestock products, shrimp; wooden product; rattan, bamboo, sedge carpet; cinnamon, etc. In which, rubber, cashew nut, cassava and cassava products increased both in volume and export value

Regarding imports, in the first 10 months of 2021, the total import value of agriculture, forestry and fishery products is estimated at US$35.6 billion, up 39.1% over the same period in 2020.

Thus, in the first ten months of 2021, the entire agriculture, forestry and fishery industry produced a surplus of nearly US$3.19 billion, down 63.2% over the same period last year.

It is notable that, from an import-export market perspective, the US has become the largest trading partner of Vietnam’s agricultural industry in the first ten months of 2021. Specifically, in the export segment, with a turnover of US$10.8 billion (accounting for 27.9% market share), the US surpassed China to become the largest customer of Vietnamese agricultural, forestry and fishery exports.

In which, the group of wood products and wood products accounted for 68.4% of Vietnam’s export turnover to this market.

In the opposite direction, the US has surpassed Cambodia to become the largest agricultural, forestry and fishery export market to Vietnam, reaching nearly US$3.3 billion, accounting for 9.2% of the market share (of which cotton products are exported to Vietnam accounting for 36.4% of the value).

According to many experts in the agricultural industry, thanks to the control of the pandemic and the reopening of activities, the US becomes a potential market for Vietnamese agricultural products for export. Not only in the wood furniture segment, in recent months, seafood exports to this market have also increased sharply.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), from the beginning of the year to the end of September 2021, Vietnamese seafood exports to the US reached US$1.45 billion, up 24% over the same period last year.

Shrimp, pangasius and tuna are the three main product lines exported to the US. In which, shrimp exports to the US increased by 22%, reaching US$775 million. The US is currently Vietnam’s largest shrimp export market, accounting for 28% of shrimp export turnover.

In tuna, the US is also the largest market, accounting for 43.5% of the share with US$226 million in the first nine months of this year, up 8% over the same period last year. Pangasius exports to the US reached US$248 million, up 43%. Notably, Vietnamese pangasius accounted for 93% of the catfish that the US imported in the three quarters of 2021.

Talking to Customs News, a representative of the Department of Agricultural Product Processing and Market Development (MARD) said that some Vietnamese products may be strong and the US has an import demand to meet domestic consumption, such as vegetables, tubers, fruits, coffee, tea, pepper, rubber, cashew nuts, aquatic products. If technical barriers can be overcome, exports to the US will continue to grow strongly.

In addition to promoting exports to the US market, the Ministry of Agriculture and Rural Development will continue to promote bilateral cooperation activities with Russia, Switzerland, Cuba, Indonesia and South Korea; negotiations on fisheries subsidies in the World Trade Organization (WTO).

In addition, providing information, market regulations, import and export control between Vietnam and China, and information on quotas for agricultural products implementing the Vietnam-EU Free Trade Agreement (EVFTA) and Vietnam-UK Free Trade Agreement (UKVFTA) to localities and businesses.

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