Conference to draw more private investment in agriculture

Hanoi (VNA) - The Ministry of Planning and Investment (MPI) and the Ministry of Agriculture and Rural Development (MARD) will co-organise a conference on July 30 to discuss solutions for the development of the agricultural sector and open the door for investment from the private sector.

Hydroponic vegetable farming in the Central Highlands province of Lam Dong. (Photo: VNA)

The conference will be held in the Central Highlands province of Lam Dong and chaired by Prime Minister Nguyen Xuan Phuc, the MPI said at a press conference on July 27.

The upcoming conference will be an opportunity for the Government, the PM, Government agencies, local authorities, companies and associations to review and evaluate investment projects, achievements, issues, problems, challenges and solutions to increase private investment in the sector in the future.

The conference is expected to show the Government’s focus on the agricultural sector, which many consider has room for further development.

At the conference, the Government will discuss Decree 57/2018/ND-CP dated April 17, 2018 encouraging private companies to make investments in the sector and listen to their problems, challenges and recommendations.

According to Deputy Minister of Planning and Investment Vu Dai Thang, agriculture is an important sector for Vietnam and has help improve the lives of farmers while contributing to the country’s economic growth.

Vietnam became the world’s largest agricultural exporter in 2017. Of the total export value, fisheries accounted for 8.3 billion USD, followed by cashew nuts (3.5 billion USD), fruits and vegetables (3.5 billion USD), coffee (3.24 billion USD), rice (2.6 billion USD) and pepper (1.1 billion USD).

By the end of the last quarter, more than 49,600 private companies had made investments in the agricultural sector, accounting for 8 percent of the total number of private firms in the country.

However, most of those firms were only micro-sized businesses, accounting for 92.35 percent of the total firms making investments in the sector. They were followed by large-scale (6 percent) and medium-sized firms (2 percent).

Private companies in the agricultural sector have employed more than 4.5 million people, accounting for 32.5 percent of Vietnam’s total workforce.

Companies that have invested in the agricultural sector face disasters and diseases, making their businesses more highly risky and vulnerable than others. They have also reported problems regarding insufficient land, limited supporting industries and problematic administrative procedures