Food industry holds great potential for investment attraction
Amidst the expanding agro-forestry-fisheries sector, the food processing industry is expected to grow strongly with great potential for luring more investment, according to experts.
HCM City (VNA)🍒 –Amidst the expanding agro-forestry-fisheries sector, the food processing industryis expected to grow strongly with great potential for luring more investment,according to experts.
Speaking at aconference on investment promotion conference in the food processing industryin Hanoi on November 14, Hoang Minh Chien, Deputy Director of the Vietnam TradePromotion Agency, noted that the agro-forestry and aquatic products processingindustry has enjoyed an annual growth rate of 5-7 percent in 2013-2018. As a result, itsexports grew by 8-10 percent a year to a record of 40.02 billion USD last year,making Vietnam one of the biggest exporters of agricultural, forestry andaquatic products in the world.
These productsare exported to over 180 countries and territories, including demanding marketssuch as the EU, the US and Japan, he said. ♔ But the sectorstill has bottlenecks in the production value chain, including low processingtechnologies and erratic supply of raw materials, he said.
Chien saidVietnam has set an export target of 65-70 billion USD for agricultural,forestry and aquatic products by 2030, but processing technologies should reachat least reasonably advanced levels. “Therefore,enhancing co-operation with partners who have modern technologies is among theimportant solutions,” he said. Dr. FraukeSchmitz-Bauerdick, country manager of the German Trade and Invest in Vietnam(GTAI Vietnam), said that food processing, and by processing adding furthervalue, is an important trend that Vietnamese industry faces right now. Enteringfood processing is getting even more important in view of the new opportunitiesthat are opening up because of Vietnam’s membership in modern free tradeagreements, he said. Trade will begetting easier, cheaper and possibly faster, but to be competitive in highlydeveloped markets, Vietnam's food industry has to comply with strict foodsecurity and quality requirements, she said. “One crucialaspect of being able to provide high-quality food products is right equipment.Modem machinery, especially in food processing, helps keep food products fresh,healthy and enjoyable. “Competitiveequipment is ultimately a prerequisite for creating internationally competitivefood products.” Le Hong Minh, Directorof Vietrade’ s Investment Promotion Centre for Industry and Trade, said foreigninvestment in the food processing sector is estimated at 11.2 billion USD in717 projects. Nguyen Noi, DeputyDirector of the Foreign Investment Agency, said foreign investment in the foodprocessing industry remains modest compared to other industries at about 3 percent of total investment. The country wouldcontinue to solicit foreign investment, especially from the US and EU, in thefood processing industry, he said. The Government isalso offering incentives to investors, with priority given to projects withadvanced and environment-friendly technologies and creating high-added valueproducts, he added./.
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Illustrative image (Source: VNA) 
