Ministries strategize to seize opportunity on rising global rice demand

The forecast indicates that demand for rice, vegetables, fruits, and other agricultural products from Vietnam is expected to surge in the remaining months of 2024, and proactive measures are crucial to capitalize on this opportunity.

On the afternoon of May 28, in Hanoi, Minister of Industry and Trade Nguyen Hong Dien and Minister of Agriculture and Rural Development Le Minh Hoan co-chaired a meeting to discuss strategies for boosting production and business activities, overcoming challenges and leveraging export opportunities for agricultural products in 2024.

Minister Nguyen Hong Dien noted that rice and fruit exports in the early months of the year have shown promising growth in both quantity and value. The Ministry of Industry and Trade (MoIT) cited data from the General Department of Vietnam Customs, revealing that in the first four months of the year, rice exports increased by 9.5 percent in volume and 33.6 percent in value compared to the same period last year, while vegetable and fruit exports saw a 38.1 percent increase in value.

However, recent rice, fruit, and vegetable production and export activities in Vietnam still face significant limitations and weaknesses that require focused efforts to overcome. Specifically, some growing areas have expanded excessively in scale without adhering to quality standards. Manufacturing and exporting enterprises have not thoroughly researched the requirements and signals of export markets, resulting in a lack of brand recognition.

During the meeting, participants forecasted a notable increase in global demand for rice and fruits shortly due to disruptions in supply chains in various countries. However, they emphasized that the demand for high-quality products is also expected to rise. To expand market opportunities, Vietnam is actively pursuing negotiations, signings, and upgrades of Free Trade Agreements (FTAs) and facilitating businesses to explore new markets such as the Halal market, the African market, and the Latin American market.

The Ministry of Agriculture and Rural Development (MARD) has reported that agricultural production activities continue to be favorable and stable, adequately meeting domestic consumption and bolstering exports.

Nevertheless, the MoIT has proposed enhancing coordination among ministries, branches, and localities to support production and export enterprises. Associations should evaluate and identify market demands, as well as the potential for leveraging opportunities from markets with which Vietnam has FTAs.

They should exchange insights and suggest mechanisms to bolster cooperation between ministries, industries, associations, and businesses while also strengthening the role of associations in supporting production and establishing extensive export value chains to enhance competitiveness and elevate the value of Vietnamese rice and vegetables in the global market.

Source: Sai Gon Giai Phong News