July 13, 2011

Vietnam looks to UK investment in agri development

Vietnam's Deputy Minister of Agriculture and Rural Development Diep Kinh Tan has called for the UK's investment and cooperation in the country's agriculture development.

At a meeting with British firms in London, he said the agricultural sector earned US$19.5 billion from exports in 2010, accounting for 27% of the country's total exports. However, its exports are mainly raw products with low added value.

He stressed that the governments plans to increase the quality and value of export items. To achieve this, Vietnam's agriculture sector needs to equip its processing and producing industries with high technology.

Vietnam's main export items to the UK are seafood with US$102.58 million in value last year, up by 15% over the previous year; furniture with US$189.6 million, up by 16.5%; coffee with US$41.76 million and cashew nut with US$43.51 million.

Iain C. Pollard from the London-based MRAG, a company specialising in providing origin certification service, said it is expanding its business to Vietnam and seeking partners in Can Tho city and other Mekong delta provinces.

About 20 representatives from trade, investment consultancy organisations and businesses in the UK attended the event to learn about Vietnam's agriculture potential and seek opportunities for investment there.

During the visit, Deputy Minister Tan had working sessions with UK Environment, Food and Rural Ministry, the Food Standard Agency and the UK Trade and Investment Agency.

Vietnam is considered the UK's 17th market with for high growth in the coming years.