Vietnam: Development of agri-food sector needs streamlining of mechanisms

As the pandemic still complicates situations around the world, it is necessary to take fiscal measures and policy mechanisms to promote the development of the agri-food sector. This is one of the outcomes of the report "The economic impact of the agri-food sector in Southeast Asia" conducted by Oxford Economics under commission by Food Industry ASIA (FIA).

According to the report, before the pandemic, Vietnam's agri-food sector has contributed greatly to the national economy with $86.4 billion to GDP in 2019. Now, this industry is also good for 27.5 million jobs, accounting for half of the country's workforce, making it the most important source of job creation in the economy. Besides, the agri-food sector also contributes a total of $13.2 billion to the country's tax revenues.

In the context of the widespread pandemic, Oxford Economics stated that Vietnam is currently ranked second out of 10 countries on the expectation of economic recovery in the agri-food sector with a score of 6.6 on a 10-point scale, just behind Singapore. This is partly because Vietnam has prevented the spread of the Covid-19 pandemic quite early and reduced economic losses. The agri-food sector is still suffering from the pandemic, with a growth rate of 4 percent last year, equivalent to a GDP contribution of $3.7 billion.

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