Vietnam's Ministry of Agriculture & Rural Development Promotes Measures to Encourage Agricultural Investment

On December 28, Thng said at a forum on enterprises in the development of agriculture and rural areas in Hà Ni that the ministry would continue to implement solutions to innovate the mechanism to support businesses in expanding markets. It will collaborate with the Ministry of Industry and Trade to develop a project to promote the use of information technology and market forecasts, as well as to build product brands.

As the global Covid pandemic continues to be complicated, the ministry will continue to assist enterprises that are utilising the domestic market and gradually overcoming challenges in order to resume normal production and business. At the same time, it continues to restructure State-owned enterprises and agricultural and forestry companies in order to attract investment in agricultural and rural development from all economic sectors.

By 2030, Ministry plans to build the Vietnam Agricultural Product Supply Center. In 2022, the State issued a slew of major policies aimed at attracting investment in the agricultural sector and officially exporting high-value farm products.

Agriculture remains the backbone of the economy, according to H Xuan Hung, chairman of the Vietnam General Association of Agriculture and Rural Development. This year, Ministry has implemented solutions to encourage businesses to invest in agriculture and rural areas. 

Exports of agricultural, forestry, and fishery products are expected to reach $53.2 billion in 2022, a 9.3 percent increase over the same period in 2021. Vietnam has emerged as one of the world's most important exporters of agricultural, forestry, and fishery products. By focusing on the domestic market and removing many trade barriers for agro, seafood, and forestry exports, the agricultural product market has continued to grow.

Forms of production organization continued to be innovated in order to increase quantity and quality while gradually improving operational efficiency. It has prioritized the restructuring and renovation of state-owned enterprises, agricultural, seafood, and forestry firms, as well as the development of cooperatives and small and medium-sized businesses. The number of agroforestry-fishery enterprises is increasing in order to increase investment in agriculture and rural areas, becoming the core of the agricultural value chain.

Associations of agroforestry-fishery products have also played an important role in developing mechanisms, policies, and regulations for product quality control and certification. They received feedback from businesses to help them solve problems and adjust production planning and plans. To develop a sustainable agricultural sector, close collaboration between businesses, cooperatives, and farmers is required.

Every year, Ministry organizes a number of short-term training courses for small and medium-sized businesses to assist them in shifting their focus from agricultural production to agricultural economy. The ministry is urged to continue its assistance to businesses in connecting with localities in order to form high-tech agricultural regions and specialized farming areas, as well as to participate in the raw material supply chain from cooperatives to processing factories.