Venezuela offers agricultural investment incentives to Vietnam

High-yield agricultural development to serve large demand

In the framework of his visit to Venezuela at the invitation of the host country, Mr. Nguyen Hong Son, Director of the Vietnam Academy of Agricultural Sciences (VAAS), held a working session with Mr. Jorge Marquez, Venezuela's Vice President and Chairman of the Venezuela-Vietnam Intergovernmental Committee Subcommittee.

During the meeting, Vice President Jorge Marquez reaffirmed Venezuela’s commitment to effectively implementing the Memorandum of Understanding signed with Vietnam’s MARD (now the Ministry of Agriculture and Environment) for the 2024-2030 period. He also pledged to create favorable conditions for Vietnamese investors to engage in agricultural production in Venezuela.

"The Venezuelan government is ready to allocate 10,000 hectares of arable land for Vietnamese enterprises to carry out agricultural projects," the Vice President emphasized.

Mr. Nguyen Hong Son expressed his gratitude for Venezuela’s warm hospitality and highly appreciated the agricultural cooperation potential between Vietnam and Venezuela, which has been highlighted in both state- and ministerial-level discussions. He noted that VAAS had introduced Vietnamese mung bean varieties to Venezuela, yielding impressive results: productivity doubled, 86% of the beans reached a size over 3.5 mm, which is significantly higher than the 30% average of local varieties, and the growing period was only 65 days.

Mr. Alex Sab, Venezuela’s Minister of Industry and National Production, proposed that VAAS consider soybean production, as it is in high demand. The Venezuelan side offered to allocate 50,000 hectares of agricultural land for Vietnamese enterprises to invest in soybean farming projects.

Toward an agricultural cooperation with the Americas

During the visit, the Vietnamese delegation also participated in AGROALBA 2025, held on June 5-6. The event provided a promising opportunity to establish a dynamic space for agricultural cooperation between Vietnam and Venezuela within the ALBA-TCP framework.

At the ministerial-level meeting of the Bolivarian Alliance for the Peoples of Our America (ALBA), leaders emphasized that ALGROALBA is a strategic initiative aimed at strengthening food self-sufficiency, promoting sustainable agriculture, and ensuring access to food and nutrition.

Venezuelan Foreign Minister Yván Gil, along with other ministers from the ALBA bloc, underscored that AGROALBA will serve as a platform to mobilize the potential of countries with strengths in agriculture, and fisheries, aiming to build a model for regional cooperation and negotiation.

Venezuelan Minister of Foreign Affairs Jorge Arreaza reaffirmed the core goal of the exhibition, stating that it aims to "create a model of food sovereignty."

He emphasized, “AGROALBA is open to countries from the Caribbean, South and Central America, and even Africa. Many member nations and regional partners are actively participating, joining forces to strengthen the program initiated by Venezuelan President Nicolás Maduro.”

According to Minister Juan Carlos Loyo, the ALBA initiative will leverage marine areas to develop the fisheries value chain. Agriculture ministers from Cuba, Dominica, Saint Vincent & Grenadines, and Saint Lucia have all highly praised this initiative, viewing AGROALBA as a foundation to promote agricultural cooperation in response to climate change and the food crisis, shaping up to be a victorious and liberating alliance.

Vietnam is recognized as a potential partner in cooperative agricultural production projects, especially in the fields of rice cultivation, fisheries, and food processing.

AGROALBA is a project established to strengthen food sovereignty for the countries of the Bolivarian Alliance for the Peoples of Our America - Peoples’ Trade Treaty (ALBA-TCP) as well as other partner nations. Through the ALBA mechanism, member countries can access legal incentives, land, and favorable soil conditions to promote the production of agricultural products.

In attendance at the opening were the Executive Secretary of the regional bloc, Jorge Arreaza; Venezuela’s Minister for Productive Agriculture and Lands, Julio León Heredia; Minister for Fisheries and Aquaculture, Juan Carlos Loyo; Minister for Industries and National Production, Alex Saab; and the President of Marca País, Daniela Cabello.