Vietnam hailed for agricultural success

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Vietnam has successfully pursued a development strategy for agricultural growth, allowing the country to become one of the world's major producers of various crops, a World Economic Forum report said Friday.

The report, which focuses on the most successful agriculture transformations such as those which have taken place in Brazil, Indonesia, Morocco and Vietnam, was released during a gathering of policymakers and experts in Davos.

It said that over the past two decades, the Vietnamese government has prioritized agricultural growth as a vital component to the nation's economic development.

"This journey has produced remarkable results for the country in terms of increased food security and economic growth. From 1989 to 2009, the country more than halved its rate of stunting and wasting," the report said, noting that Vietnam has become globally competitive in a number of cash crops.

According to the report, Vietnam's agriculture is primed for private sector investment. It noted that a public-private task force was formed in 2010 to develop and test agricultural models for priority crops with the potential for rapid growth. 

"The missing piece in Vietnam is public-private cooperation. If we can set that up to work, problems of technology or investment will be solved," Dang Kim Son, general director of Vietnam's Institute of Policy and Strategy for Agriculture and Rural Development, was quoted in the report as saying.

"People have the incentive. With better cooperation, the potential is huge," Son said.

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