According to the Ministry of Agriculture and Rural Development, in the first four months of 2024, the total export value of agricultural, forestry, and fishery products reached over USD 19 billion, an increase of 24% compared to the same period last year. Notably, exports of coffee, fruits, rice, wood, and wood products “boomed,” with export value increasing by 23% to 54%.

Contributing to the overall result in the first four months of 2024, the group of main agricultural products reached nearly USD 11 billion, up 32.5%; livestock products reached USD 152 million, up 3.6%; seafood reached USD 2.7 billion, up 4.2%; and wood and forest products exceeded USD 5 billion, up 23% compared to the same period last year.

In the first four months of 2024, China was Vietnam's second-largest export market for agricultural, forestry, and fishery products (after the United States), accounting for nearly 19%, while Japan accounted for nearly 7%.

Currently, in many major RCEP markets such as China, Japan, South Korea, Thailand, Australia, and New Zealand, only a limited number of fresh fruits are eligible for export. For example, China currently only allows 12 types of fresh fruits for official export; Australia allows the import of only four types of Vietnamese fruits without inspection: mango, longan, lychee, and dragon fruit. South Korea allows the import of five types of fruits from Vietnam: coconut, pineapple, banana, dragon fruit, and mango, etc.

Therefore, participation in the RCEP Agreement also facilitates negotiations with these countries to open up access to more agricultural and horticultural products than before.

However, besides the opportunities from the RCEP Agreement, Vietnam’s agricultural exports face significant challenges.

First, Vietnamese agricultural products will have to compete directly with agricultural products from countries with strengths in exporting these items, such as China and Thailand. Meanwhile, the quality of Vietnam's agricultural exports is still limited, inconsistent, and less price-competitive.

Second, in the context of tariff barriers being removed, countries tend to strengthen the use of non-tariff measures (technical standards, food safety and animal and plant health measures, rules of origin). Meanwhile, the management of agricultural product quality in Vietnam remains inadequate.

Therefore, to take advantage of trade and investment opportunities within the RCEP Agreement, Vietnamese businesses must ensure that agricultural products meet origin, quality, and food safety standards.

This video clip is a product of the Multilateral Trade Policy Department, Ministry of Industry and Trade, providing an overview of the RCEP Agreement: key commitments, impact assessments, the implementation status of the RCEP Agreement, and other related content. It aims to support media dissemination, knowledge sharing, and business training at conferences and workshops.

Click here to watch the video clip.