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Agriculture growth set at 3.5%

Released at: 19:03, 06/01/2016

Agriculture growth set at 3.5%

MARD announces targets for 2016 and goals to 2020.

by Tue Lam

Agricultural GDP growth has been targeted at 3-3.5 per cent for this year, with annual production value to rise 3.5 to 4 per cent and export turnover of agriculture and forest products to reach $31 billion and $39 to $40 billion by 2020.

The targets were announced at a conference studying the sector’s performance in 2015 and setting tasks for 2016, held by the Ministry of Agriculture and Rural Development (MARD) on January 5.

2015 was a difficult year for the sector as a whole, the conference heard, due to challenges posed by climate and markets. With efforts of many fronts, however, agriculture maintained its growth momentum and ten items recorded export turnover in excess of $1 billion: rice, coffee, rubber, fish, shrimp, cashew nuts, pepper, vegetables, cassava, and furniture.

Despite difficulties in the 2011-2015 period the sector achieved its growth targets and met increasing demand for domestic consumption and export, raising incomes and improving living conditions for the country’s rural population, Minister of Agriculture Rural Development Cao Duc Phat told the conference.

GDP growth in the sector from 2011-2015 was 3.13 per cent, exceeding the target of before 2.8 per cent. Average production value increased 3.68 per cent per year, with export turnover of agricultural and forestry products in 2015 being estimated at $30.14 billion.

Regarding development from 2016-2020, Minister Phat said that the overall objectives have been defined as building comprehensive and sustainable agricultural development towards modernization, large production scale, creating high value-add, and meeting diverse domestic demand and promoting exports.

MARD has previously proposed a draft decree on policies to encourage foreign investment in the agriculture sector.

There are four fields where foreign investments is encouraged: production and development of crop varieties and animal breeds, production of auxiliary materials, full processing of agriculture, forestry and fishery products, and production of veterinary medicine and plant protection products.

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