Vietnam Officials Highlight Need for Funds to Advance Agriculture

The application of high technologies is vital for the development of agriculture, as it is entering a new stage, stated Minister of Agriculture and Rural Development Cao Duc Phat. Phat announced at a conference on May 15 that Vietnam's agriculture sector was moving towards larger production scale. "To do so, high-tech agriculture is necessary, which will increase competitiveness and better meet consumers' demand, particularly for export," he added.

Head of Agriculture Department under Party Central Committee's Economic Commission, Nguyen Van Tien, stated that high technologies had yet to create a breakthrough in restructuring the sector. "More investment and support policies for agriculture science and technology are required," he noted.

For years, investment in agriculture was not in line with the contribution agriculture made for gross domestic production (GDP). In 2012 alone, agriculture made up to 19.7 percent of GDP, but investment in the sector only accounted for five percent of the government's total investment. Tien stated that financial incentives were required to encourage research institutions and public and private sectors to join in the high-tech development of agriculture. State Bank Governor Nguyen Van Binh noted that agriculture was a priority sector for crediting this year. Last year, credit for agriculture reached 672 trillion VND, nearly 20 percent higher than that of 2012.

Read more at http://en.vietnamplus.vn/Home/Hightech-agriculture-needs-funding/20145/50276.vnplus.