Record-high exports of rice, coffee and fruit—together with a rebound in seafood and forestry products—helped Vietnam’s farm sector earn almost USD 52 billion in the first ten months of 2024.
On October 31, Deputy Minister of Agriculture and Rural Development Phung Duc Tien reported that October’s agro-forestry-fishery exports reached an estimated USD 5.91 billion, up 24% year-on-year and higher than September’s figure.
Ten-month results
• Total agro-forestry-fishery exports: USD 51.74 billion, up over 20% from the same period of 2023.
• Trade surplus: USD 15.21 billion, a jump of 62% year-on-year.
Key commodity highlights
Coffee: Exports reached nearly 1.2 million tons, earning USD 4.6 billion—down 11% in volume but up 40% in value from a year earlier. The average export price was about USD 3,981 per ton, 57% higher than in the first ten months of 2023. Germany, Italy and Spain were the top three buyers during the first nine months, while the Philippines and Malaysia recorded the fastest value growth.
Rice: Almost 7.8 million tons were exported, bringing in USD 4.86 billion, already surpassing the full-year 2023 value of USD 4.68 billion. The average price reached USD 626 per ton, up 12% year-on-year. The Philippines remained the largest market with a 45% share, followed by Indonesia and Malaysia.
Fruit & vegetables: Exports hit USD 6.34 billion, up 31.5% and exceeding all of 2023’s total (USD 5.69 billion).
Other strong performers included cashew nuts (USD 3.6 billion, +19%), pepper (USD 1.12 billion, +48%), seafood (USD 8.33 billion, +12%), and forestry products (USD 13.18 billion, +21%).
Deputy Minister Tien said the Government’s full-year export target of USD 54–55 billion is well within reach. Even if November and December each bring only USD 5.5 billion, total 2024 exports could exceed USD 62 billion—an all-time record.
He noted that despite global conflicts, rising input and logistics costs, Vietnam’s years of agricultural restructuring and newly signed phytosanitary protocols—particularly with China—have laid the foundation for these historic export gains.