Vietnam's agricultural exports grew by 14% in the first six months of the year

Impressive growth across different sectors

Prime Minister Pham Minh Chinh chairing an online workshop between the Government and localities on July 4. The Government's regular meeting in June 2022 was also held to discuss the socio-economic state in June as well as the first 6 months of 2022; Resolutions under the 3rd session, the XV National Assembly were also implemented.

Prime Minister Pham Minh Chinh reported that in the past 6 months, the world has seen many drastic, fast and complicated changes with both predictable and unpredictable factors.

Namely, the strategic competition is increasingly fierce. The Russia - Ukraine conflict has caused the price of oil, food, and input materials to rise, causing disruptions to the supply chain. Many organizations and experts predict that the world economy will continue to face increasing challenges, with the possibility of an economic recession due to the impact of Covid-19 and the current conflict. Subsequently, the world economic growth is forecast to fall compared to the beginning of the year.

Inflation is increasing at a high rate in most countries around the world. Many major export partners and countries have adjusted their economic and anti-pandemic policies. Food security and energy security are pressing maters. The Covid-19 pandemic has developed complicatedly after a calm period, even in countries with advanced healthcare systems.

Domestically speaking, Vietnam has advantages owing to the results and experiences of previous terms. Additionally, we need to overcome many internal problems, limitations and shortcomings, continue to deal with outstanding problems, deploy regular tasks and resolve arising and unexpected challenges. These include the remarkably high inflation pressure, input material prices, supply chain disruptions and so on.

Although the Covid-19 pandemic has been brought under control, the socio-economic state has achieved many significant results in many fields and achieved impressive results in many aspects, the socio-economic state still has some difficulties requiring further solution.

With emphasis on the need to identify difficulties and challenges instead of advantages and opportunities, Prime Minister Pham Minh Chinh asked the delegates to discuss in honesty, specifying achievements and failures in the first 6 months of the year. He encouraged the objective, honest, complete and comprehensive assessment of results, causes, especially subjective ones, lessons learned, current main difficulties and challenges, with special attention to localities with positive experiences to share as well as propose solutions to overcome difficulties and problems for the immediate future.

Agricultural products export increased by 14%

Minister of Agriculture and Rural Development Le Minh Hoan reported at the workshop that the export of agricultural, forestry and fishery products in the first 6 months reached nearly 29 billion USD, up by 14% over the same period.

According to Mr. Le Minh Hoan, some major upcoming orientations for the agricultural sector include: promote the development of maize and soybean cultivation to reduce dependence on world raw materials; promote the use of organic fertilizers and pesticides; develop industrial aquaculture, reduce pressure on natural exploitation, etc. to transition the sector towards green, ecological and sustainable agriculture.

The Ministry of Agriculture and Rural Development will work with relevant agencies to study and support fishermen with sailing offshore and staying at the sea in the context of high gasoline prices; local governments must also take the initiative in support solutions.

According to the Ministry of Planning and Investment, Vietnam's economy had a positive recovery in the first 6 months of the year: GDP growth exceeded the forecast scenario. Namely, GDP in the second quarter is estimated to increase by 7.72% over the same period, the highest since 2011. In the first 6 months of the year, GDP is estimated to increase by 6.42% over the same period, higher than the forecast scenario and over the same period in 2021, equivalent to the annual average level before the pandemic.

The fast recovery of the service sector is estimated at 6.6%, 1.7 times higher compared to the same period last year. Many localities have achieved high GRDP growth including: Hanoi (7.79%), Bac Giang (24.0%), Bac Ninh (14.7%), Thanh Hoa (13.41%), Quang Nam (12.8%), Khanh Hoa (12.58%), Hai Duong (11.82%), Hai Phong (11.1%), Quang Ninh (10.66%), Vinh Phuc (10, 1%), Da Nang (7.23%), Dong Nai (7.06%), Binh Duong (6.84%) to name a few.

Macro-economy continued to be stable, inflation was controlled, major balances were secured, and highly commended by the international community. Production and business activities recovered rapidly, approaching the growth rate from before the pandemic. The state of business registration is very promising. Overall, in the first 6 months of the year, the number of newly established businesses and businesses re-entering the market has increased by 25.4% over the same period last year, surpassing the 100,000 businesses milestone for the first time. The number of newly established businesses notably reached over the 76,000 mark - a record high.