Boosting agricultural exports to the EU
31 May 2024, VN: The European Union (EU) is a significant and crucial market for Vietnam’s agricultural, forestry, and fisheries exports. However, the increasing quality standards and competition in this market require exporters to adapt effectively.
In the first four months of 2024, Vietnam’s agricultural, forestry, and fisheries exports to European markets reached 2.55 billion USD, a 38.6% increase compared to the same period in 2023. These exports accounted for 13.4% of Vietnam’s total export turnover.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after a sharp decline over two months, Vietnamese shrimp exports to the EU rebounded in April 2024. The EU emerged as the best-performing market in April, with imports worth 38 million USD, a 28% increase year-over-year. Cumulatively, in the first four months of this year, shrimp exports to the EU reached 119 million USD, nearly matching the same period last year.
Export values to major individual markets within the EU all saw double-digit growth. Exports to Germany, the Netherlands, and Belgium increased by 29%, 37%, and 39%, respectively, while exports to Denmark surged by 88%. With an expected compound annual growth rate (CAGR) of about 7% in the coming years, the EU presents significant opportunities for shrimp consumption. Thus, businesses need to innovate and diversify their products to maintain competitiveness in this market.
In the first three months of 2024, Vietnam’s fruit and vegetable exports to the EU reached 72.1 million USD, achieving 24.3% of the 2023 turnover. The potential for Vietnamese businesses to increase fruit and vegetable exports to the EU market remains substantial.
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