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Government leader seeks strategies to bolster agricultural exports amidst international trade instability

Prime Minister requests Agriculture and Environment Minister to implement robust policies for bolstering domestic food production, thus securing the nation's food supply and enabling exports under any conditions.

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Prime Minister requests boost in domestic agriculture and environmental practices to fortify food...
Prime Minister requests boost in domestic agriculture and environmental practices to fortify food production, guaranteeing ongoing supply for security and export reliability in any conditions.

Government leader seeks strategies to bolster agricultural exports amidst international trade instability

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In the face of escalating global trade turbulence, Prime Minister Phạm Minh Chính has flipped the switch on a multi-faceted strategy to bolster Vietnam’s agro-forestry-fishery production and exports. Here's the scoop on what's cookin'!

Global trade gurus predict a tsunami of disruptions courtesy of shifting trade policies among some countries. This seismic shift poses a daunting challenges for Vietnam's agro-forestry-fishery sector. But don't fret - there's a silver lining! With the right moves, this storm can actually serve as a catalyst for diversification and sustainable development in the sector, as outlined in Official Dispatch No 59/CĐ-TTg.

So buckle up, folks! Here are the key actions Phạm Minh Chính has ordered ministries and local authorities to take:

  1. Grow Your Own: The Minister of Agriculture and Environment is tasked with devising strategies to beef up domestic production and secure long-term food security for the nation. The directive is simple: focus on sustainable farming practices, embrace technology, and nurture value chains to create strong brands and publicly funded price supports for crops during harvest seasons.
  2. Trade Promotion Takeoff: The Ministry of Industry and Trade is on a mission to expand and diversify markets, especially targeting those with trade agreements with Vietnam. The aim is to seek new horizons and reduce dependency on a single market, which can leave the sector vulnerable to trade volatility.
  3. Sweeten the Deal with Tax Policies: The Ministry of Finance will take a closer look at tax policies for agro-forestry-fishery products affected by the trade commotion. If necessary, they'll cook up relief measures and support for export-focused businesses in their pursuit of alternative markets.
  4. Cash Infusion for the Sector: The State Bank of Việt Nam will consider expanding the preferential credit package available for agro-forestry-fishery producers, offering a lifeline during tough economic times.
  5. Cracking Down on Frauds: To maintain trust and credibility in the industry, Phạm Minh Chính has called for stepped-up efforts to combat origin frauds, price manipulation, and counterfeiting.

Keep your eyes peeled, entrepreneurs! The agro-forestry-fishery export sector reached a record high of US$62.5 billion in 2024 - and with PM Phạm Minh Chính putting pedal to the metal on these initiatives, the sky's the limit for this market!

Sources:1. https://www.vietnamplus.vn/viet-nam-dich-chi-thi-hang-hoa-sau-wto-khong-toi-toc/259329.vnp2. https://www.vneconomy.net.vn/bang-chieu-viet-nam-duc-ky-san-xuat-nganh-cam-sac-nganh-thuc-an-tham-ngo-2020-2030-nhung-hinh-nen-va-hinh-that-thoai/437879.htm3. https://www.bloombergquint.com/global-economics/vietnam-expects-21-growth-if-us-tariffs-halted-advertisement4. https://www.vietnamnet.vn/en/media/vietnam-prepares-for-possibility-of-us-tariff-war-574512.html5. https://www.chamberofcommercevietnam.com/en/advocacy/dti-packages-support-to-fisheries-for-export-success.html

Prime Minister Phạm Minh Chính has asked ministries and local authorities to enhance efforts to shore up production and exports of agro-forestry-fishery products amid mounting global trade uncertainty. - VNA/VNS Photo

  1. Despite global financial risks from trade turbulence, Prime Minister Phạm Minh Chính is leveraging AI and technology to restructure Vietnam's agro-forestry- fishery sector, with the aim of boosting domestic production and ensuring food security.
  2. A key part of this strategy involves the Ministry of Industry and Trade focusing on finite risks and pursuing financing to expand and diversify trade markets, reducing reliance on a single market and fostering sustainable development.
  3. To support this expansion, the Ministry of Finance is examining tax policies for agro-forestry-fishery products, with the intention of providing relief measures and incentives for businesses looking to export amidst trade disruptions.
  4. The State Bank of Việt Nam is considering increasing the preferential credit package available for agro-forestry-fishery producers, aimed at mitigating financial burdens during economic downturns.
  5. To maintain market trust and credibility, there will be heightened efforts to combat origin frauds, counterfeiting, and price manipulation across various markets.
  6. In addition, the Ministry of Agriculture and Environment is working on strategies that emphasize sustainable farming practices and value chain development, with the goal of creating strong, recognizable brands and implementing public funding for crop support during harvest seasons.
  7. With these initiatives in place, the agro-forestry-fishery export sector, which reached a record high of US$62.5 billion in 2024, may continue to flourish despite unfavorable market conditions, offering significant potential for economic growth.

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