Vietnamese businesses should continue to invest in deep processing to effectively penetrate Asian and African markets amid the rising trend to use deeply processed products in these outlets, the Asia-Africa Market Department under the Ministry of Industry and Trade (MoIT) has said.
Facing strong competition from foreign rivals, Vietnam’s shrimp industry is promoting deep processing, generating big profits for both processors and exporters.
The first month of 2024 has seen coffee exports showing a robust performance, surging to a trade value of 621 million USD, marking a 99.6 % increase compared to the same period in 2023, according to data from the Ministry of Industry and Trade (MoIT).
Given low output and economic efficiency, many cocoa trees were cut down by farmers years ago and replaced by other crops. Recently, however, growing cocoa has been revived in Ba Ria-Vung Tau province thanks to changing production methods.
Vietnamese fruit and vegetable exporters need to further enhance deep processing and diversify their export markets to avoid risks when major export markets face difficulties, the Asia-Africa Market Department said.
Vietnam stood out as the world’s largest cashew exporter last year but there remains many challenges ahead for the country to retain its leading position in the future.
To increase the value of coffee beans and gain higher economic profits, Vietnam should focus investment in the deep processing industry and in technical production solutions, said experts at an international seminar on sustainable development for the Vietnamese coffee sector.
