Vietnam targets US$5.5 bln in agro, forestry, fishery export value to EU

HANOI, 11th July, 2022 – Vietnam has set a target that the export value of agricultural, forestry and fishery products to the EU market will reach US$5.5 billion by 2025, Vietnam News Agency (VNA) reported.

In 2025, the processed products would account for 30% of Vietnam’s total agricultural, forestry and fishery products exported to the EU. About 20% of the exported agricultural, forestry and fishery products to the EU would be sold directly at retail channels in this market.

Those percentages would increase to 50% and 30%, respectively, by 2030, according to a scheme developed by the Vietnamese Ministry of Agriculture and Rural Development (MARD). The export value of such products to the EU market is also targeted to increase to US$7.5-8 billion by 2030.

Vietnam’s agricultural exports have great opportunities in expanding markets, improving the value and quality of export products, attracting investment and modern production technology from joining the EU-Vietnam Free Trade Agreement (EVFTA) to boost exports to this market.

Currently, the EU is one of the four major export markets for Vietnam’s agricultural, forestry and fishery products. The EU is also one of the world’s three largest markets for agricultural, forestry and fishery products.

Vietnam is one of four Asian countries to sign an FTA with the EU. Therefore, to effectively exploit the advantages of the EVFTA, Vietnamese agricultural products must improve their quality and value.