Various Government Initiatives will Shape Vietnam Agricultural Machinery Market to Sale More than 45,000 Units by 2025: Ken Research

MARD (Ministry of Agriculture and Rural Development) is aimed to provide financial aid when acquiring agricultural equipment, paving the way for Vietnam Agricultural Equipment market to reach over 45,000 units sold by 2025, as per findings released by Ken Research.

1. Mechanization in Agriculture Might Aid in Achieving The $60 Billion Total Export Turnover Goal Set Forth in The Vision 2030 Agricultural Machinery Industry Development Plan.

"Vision 2030 Agricultural Machinery Industry Development Plan", Government of Vietnam plans to increase agricultural mechanization in the country. Government is looking forward to boost domestic production of agricultural machinery by supplementing and changing tax regime for machinery development. Government is pushing for farm mechanization to increase productivity through intensification, reduce post-harvest losses, increase added value & maintain the quality of farm products. Moreover, In June 2020, Vietnamese government exempted tax on land for agricultural use till 2025. The average annual total of tax exemptions and reductions was USD 140 million per year from 2003 to 2020, USD 270 million per year from 2011 to 2016, and about USD 320 million per year by 2020.

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2. Increase Incomes and Reduce Poverty Sustainably; Rural Income Increases by 2.5 to 3 Times than 2020 Level: Target to Be Completed by 2030.

The income of individuals in agricultural, fishery and forestry sector, in the period 2010 - 2019 has increased. At present, there are over 2.2 million households with income from VND 100 million VND 200 million a year, over 775,000 households with incomes from VND 200 million to 300 million VND, and 505,000 households with income from VND 300 million VND 1 billion. There are 27,000 farmer households with income above VND 1 billion. These factors contributed to raising the rural people's income from VND 9.15 million per person in 2008 to nearly 36 VND million per person in 2018.
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https://www.kenresearch.com/agriculture-and-animal-care/agriculture-equipment/vietnam-agricultural-machinery-market-outlook-to-2025/414449-104.html
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This release was published on openPR.