Meanwhile, the domestic market has also seen favourable conditions for agricultural consumption, with minimal instances of “bumper harvest, low prices”. Many products have consistently maintained high prices, yielding significant profits for farmers.
In the first 11 months of 2024, agricultural, forestry, and fishery exports reached 56.74 billion USD, a 19% increase compared to the same period in 2023.
Industry sectors break records
In the first 11 months of 2024, rice exports reached nearly 8.5 million tonnes, generating 5.31 billion USD in revenue, a 10.6% increase in volume and a 22.4% increase in value compared to the same period in 2023. This exceeded the total export value for the whole of 2023. The Philippines remained Vietnam’s largest rice market, followed by Indonesia and Malaysia.
The average export price for Vietnamese rice in the first 11 months of 2024 was estimated at 627.9 USD per tonne, 10.6% higher than in the same period in 2023. Notably, Vietnam’s rice export prices were among the highest globally in 2024, surpassing major exporters like Thailand, India, and Pakistan.
High export rice prices drove up domestic paddy prices, increasing farmers’ profits. According to Nguyen Cao Khai, Director of Thuan Tien Cooperative (Can Tho City), surplus paddy after harvest was virtually nonexistent in 2024, with traders and businesses often placing advance orders to fulfil export contracts. This motivated farmers to reinvest in high-quality rice varieties.
Similarly, Vietnam’s coffee industry reached new heights in 2024. Despite a decrease in export volume, coffee export value rose by 32.8% compared to 2023, reaching 4.84 billion USD for nearly 1.2 million tonnes. The average coffee export price in the first 11 months of 2024 was 4,037 USD per tonne, a 56.9% increase year-on-year. Domestic coffee prices also soared, reaching nearly 150,000 VND/kg at peak times.
Even as the 2024-2025 coffee harvest season begins, domestic prices continue to rise due to limited supply and cautious farmer sales. Global coffee prices are also trending upward, driven by investor purchases and supply concerns, creating opportunities for Vietnam to achieve over 5 billion USD in coffee exports in 2024.
The fruit and vegetable sector also achieved remarkable growth in 2024, with export revenue for the first 11 months surpassing the entire year of 2023, reaching 6.66 billion USD (a 28.2% increase). Annual revenue is projected to reach 7.2 billion USD, with a trade surplus of over 4.5 billion USD, significantly contributing to Vietnam’s trade balance.
According to Nguyen Thanh Binh, Chairman of the Vietnam Fruit and Vegetable Association, the sector is experiencing rapid growth due to favourable market access, particularly with China, where new trade agreements for official exports have been established. In addition, processed fruit and vegetable products have become more diverse, catering to markets like the EU, the US, Japan, and Australia.
Other sectors, such as cashews, pepper, and seafood, also recorded high export growth. Pepper exports officially rejoined the “billion-dollar club” after a decade, with revenue of 1.22 billion USD in the first 11 months of 2024, a 46.5% increase year-on-year. Meanwhile, seafood exports are on track to exceed 10 billion USD in 2024, with 9.2 billion USD achieved in the first 11 months of 2024 (an 11.8% year-on-year increase).
Diversified markets for domestic and export consumption
Deputy Minister of Agriculture and Rural Development Phung Duc Tien attributed Vietnam’s consistent growth in agricultural exports to improved product quality, meeting stringent international standards. Advances in high-tech agricultural production across various sectors have also boosted output.
Rice production has pioneered high-quality and low-emission models, creating added value. Efforts to expand export markets have also yielded positive results, with Vietnam signing agreements for official exports to China and participating in 17 bilateral and multilateral free trade agreements, including the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA), the first such agreement with an Arab nation. This agreement opens doors to the Middle Eastern, West Asian, and African markets, as well as the global Halal food market.
Domestically, Vietnam’s 100-million-strong population offers significant potential for agricultural consumption. Increasing consumer preference for Vietnamese products is helping diversify distribution channels for staple goods like rice, fruits, and seafood.
For seafood, the Vietnam Association of Seafood Exporters and Producers (VASEP) noted that the domestic market still holds vast potential if businesses focus on it. Many seafood companies now consider the domestic market an important revenue stream to mitigate risks from global market fluctuations. Thus, alongside expanding export markets, strengthening the domestic market remains crucial to achieving higher agricultural growth milestones.
