Asia continues to be the largest market for Viet Nam’s agricultural exports, with shipments of coffee, fruits and vegetables, cashew nuts and pepper hitting all-time highs in the January – November period this year, according to the Ministry of Agriculture and Environment.

Statistics show Viet Nam’s agro-forestry-fishery exports posted an estimated US$64.01 billion in earnings in the reviewed period, a 12.6% rise year on year.

Asia accounted for 45.1% of the country’s total export value, followed by the Americas at 22.8% and Europe at 13.4%. Africa and Oceania made up 2.8% and 1.4%, respectively.

One of the main reasons Asia remains Viet Nam’s key export market is that China is the country’s largest buyer of Vietnamese farm goods, accounting for about 22% of total agricultural exports. Shipments to China rose 14.8% year on year over the past 11 months, while exports to the United States increased only 6.1%.

Viet Nam also benefits from a wide network of free trade agreements (FTAs) across Asia, including the Regional Comprehensive Economic Partnership (RCEP), the ASEAN–China Free Trade Area (ACFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and other ASEAN-plus accords. Preferential tariffs make it easier for Vietnamese products to penetrate Asian markets than those with fewer FTAs, such as the United States.

In addition, many Asian countries consume similar food products to Viet Nam, such as rice, pangasius fish, shrimp, cashews and pepper. making Vietnamese goods more readily accepted by regional consumers.

Source: VOV

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