Why Vietnam needs international funding for agricultural development?

, Why Vietnam needs international funding for agricultural development?

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The focus of Vietnam is to improve its agricultural sector through increased investment and better capital management, specifically by utilizing official development assistance (ODA) in key priority areas.

The Vietnam’s Minister of Agriculture and Rural Development Le Minh Hoan has set a goal for the industry in 2023 to maximize international funding for agricultural development, the Saigon Times reported.

To achieve the target of earning US$70 billion from agricultural, forestry, and fishery exports by 2030, foreign direct investment is expected to reach approximately US$25 billion. Additionally, Vietnam is set to receive 30 aid initiatives worth US$300 million over the next five years.

To support the country’s goals, the Ministry has worked closely with relevant agencies to negotiate and execute 16 free trade agreements, which will help connect local businesses to significant global markets.

According to the report, Vietnam approved four ODA projects with a combined pledge of US$840 million in 2022.

The country must develop national brands for fruit products to increase added value and competitiveness in international markets, experts said. Last year, the export of fruit and vegetables of the country reached nearly $3.34 billion in 2022, 80% of which were fruit exports.

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