May 2, 2011

Vietnam lifts farm produce export target to US$23 billion

Vietnam's agricultural ministry has revised its forecasts on the country's exports of agricultural, forestry and seafood products in 2011 up to US$23 billion from an earlier estimate of US$19.5 billion.

The revised figure represents an increase of 20% against last year, the ministry said, citing the agricultural sector's robust performance in the first four months of this year as a major reason for the change.

Among agricultural products, shipments of rice are predicted to bring in US$3.1 billion-US$3.5 billion, followed by rubber with expected revenues of US$3 billion, coffee US$2.6 billion, and cashew US$1.5 billion.

Meanwhile, Vietnam targets to earn between US$5.7 billion and US$5.8 billion from seafood exports this year, up US$800 million from last year, the ministry said.

A report from the ministry showed that the country's farm produce exports grew 43% from a year earlier to US$8 billion between January and April.