Coconut industry expected to surpass $1 billion mark in 2024

Published Dec 13, 2024

Tridge summary

The Ministry of Agriculture and Rural Development in Vietnam is working towards the development of the coconut industry, with a goal to have over 30% of the coconut area under GAP processes by 2030. The coconut industry has seen significant growth, with exports expected to surpass 1 billion USD in 2024. The government is encouraging the harmonious interest of farmers and businesses and investing in infrastructure and technology to support the industry's growth. There is a need for a strategy to add value to coconut by-products and to increase the selling price of products to support the purchase price for farmers. The Ministry is also considering the potential of coconut fiber for deep processing for economic value.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

For the coconut industry to develop, it is necessary to share the interests of farmers and businesses in harmony. The project to develop key industrial crops by 2030 was issued by the Ministry of Agriculture and Rural Development under Decision 431 in 2024, which sets the target that by 2030, over 30% of the coconut area will be produced according to GAP processes, or equivalent. The coconut area is assigned a growing area code of about 30%. On December 13, the Department of Quality, Processing and Market Development (under the Ministry of Agriculture and Rural Development) coordinated with the Vietnam Agriculture Newspaper and related units to organize the forum "Connecting production and consumption of coconut products". Ms. Nguyen Thi Kim Thanh - President of the Vietnam Coconut Association said that from a modest export turnover of 180 million USD in 2010, the coconut industry has grown strongly, reaching more than 900 million USD in 2023 and is expected to exceed 1 billion ...

Source: Vietstock