Vietnam Agriculture In 2024: Accelerate Creativity

Agriculture has been recognized as a bright spot in the economic development of 2024. The agricultural and rural sector implements the 2024 Plan in the context of mixed advantages, difficulties and challenges; including the strong impact of market fluctuations, intense hot weather, drought, rainstorms in the Central Highlands and Central regions, salt intrusion in southern regions, Storm No. 3 (Yagi) caused heavy damage to the agricultural production (VND 31,800 billion lossed).

In 2024, Vietnam continued to be a bright spot in terms of growth, developing at a rapid rate. Its GDP growth in 2024 was estimated at about 7.09 per cent with the GDP per capita of USD 4,700 while its overall economy reached about USD 470 billion. Vietnam has been recognized for controlling inflation and maintaining macroeconomic stability amid strong global economic fluctuations and other difficulties.

In 2024, the agriculture, forestry and fisheries sector accounts for 11.86% GDP; then the industrial and construction sector of 37.64%; the service sector of 42.36%.

The trade surplus offered USD 25 billion in 2024. Vietnam continues to be an attractive destination for global FDI capital flows, which are declining and competition between countries is increasingly fierce. FDI attraction is estimated at nearly USD 40.0 billion, realized FDI capital is estimated at USD 21.7 billion (up 7.1% as compared to 2023). More notable than ever is the appearance of the world's leading corporations, especially in the fields of technology and semiconductors.

The Vietnam agriculture sector has increased by 3.3 percent as compared to 2023. The forest coverage rate obtained 42.02%. The rate of communes meeting new rural standards offered about 78.7%. Especially, total export turnover of the entire industry is USD 62.5 billion. The proportion of rural households using clean water that meets standards is 58%.

The export turnover of agriculture obtained $US 62.5 billion (up 18.7%) with its trade surplus of USD 17.9 billion (up 46.8%), the highest level in recent years and accounting for over 71.6 per cent of the country's trade surplus. The 2024 export turnover included agro-products of $32.8 billion (up 22.4%),  husbandry products of $533.6 million (up 6.5%), aqua-products of $10.07 billion (up 12.2%) and processed wood & furniture products of $17.28 billion (up 19.4%).

The crop product value obtained VND 127 million per ha (up 7.4% as compared to 2023), it means USD 5,290 per ha.

Rice growing areas developed 7.112 million ha (6.8 thousand ha decresed) with rice production of 43.7 million T (up 0.4%) and average yield of 6.14 t/ha (up 0.5%). The milled rice export of 9.182 million T, obtained its turnover value of $US 5.752 billion, receiving a new record.