The year 2023 witnessed a spectacular breakthrough in the export of agricultural products from Vietnam. In the general difficult picture of import and export, the export value of agricultural products of 53 billion USD was a bright spot. In particular, fruit and vegetable exports reached a record of nearly 5.6 billion USD, an increase of 65.9% over the previous year; durian exports also reached a record of 2 billion USD in 10 months…
Along with that, many other agricultural products in Vietnam have also broken through in the past year. The coconut tree is a prime example.
FOR THE FIRST TIME, COCONUT IS EVALUATED AS A KEY ECONOMIC CROP
“ This past year, the coconut tree was also identified as a key economic crop for the first time, and exports reached the 1 billion USD mark ”, said Ms. Dang Huynh Uc My – Chairman of Betrimex.
Betrimex is currently a company specializing in the production and export of coconut products with an output of nearly 40 million liters (in 2023). The company has exported to 70 countries.
“The potential for the coconut industry is still huge as the market demand for coconut products is increasing and there are still many untapped values from the coconut tree. With the coconut tree being recognized as a key industry, it is expected that the coconut industry will receive attention and support from all parties to develop more sustainably, seizing new opportunities ”, said Ms. My.
Experts and agricultural businesses also believe that the Vietnamese coconut industry will have many opportunities to reach export revenue of over 1 billion USD this year, especially when the US has officially reopened the door to fresh Vietnamese coconuts. Meanwhile, China is looking to connect and promote the import of Vietnamese coconuts through official channels.
Vietnam is the fourth largest country in the Asia-Pacific region in terms of total export value of coconuts and coconut products (according to the Vietnam Coconut Association).
The coconut tree is generating income for about 390,000 Vietnamese farming households. In addition to its direct economic value, the coconut tree also makes a great contribution to combating climate change when 1 hectare of coconut can filter 70-75 tons of CO2 per year. In the context of Vietnam’s commitment to reducing greenhouse gas emissions to 0 (Net zero) by 2050, the economic value of the coconut tree will continue to increase through the sale of carbon credits.
GREEN CAPITAL FOR COCONUTS
In cooperation with UOB Vietnam, according to Betrimex Chairman Dang Huynh Uc My, Betrimex will both receive capital for investment, green production, and play an intermediary role to invest in promoting the development of organic material zones and equipping farmers with sustainable farming and production skills. Specific figures were not disclosed.
On the UOB side, the bank has also committed to achieving net zero carbon emissions in all of its business operations by 2050. In terms of decarbonizing its current loan portfolio, UOB is delivering positive results, with the Bank’s emissions intensity tracking 7-14% below the target reference path across six key carbon-intensive sectors, which contribute close to 60% of UOB’s total loan portfolio.
