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The workshop was held at the launch of the Saigon Times Startup Supporting program for agricultural startups.
Many companies have invested in agricultural projects but made no impressive business results and turned out products of lower-than-expected quality. Some firms even got out of the market shortly after they had generated high profit.
Investors with short-term and profit-driven plans often feel the urge to make profit as fast as possible.
Addressing the event, Bui Hong Quan, head of the Southern Institute of Applied Microbiology and Biotechnology, said only those who embrace long-term goals can maintain a firm foothold in sustainable agriculture.
Developing clean and sustainable agriculture is a right choice. In addition, there is no one-size-fits-all approach in the agriculture sector. Advanced technology from abroad should be adjusted before it can be applied to local agriculture, Quan said.
In recent years, investment in the agriculture sector has shown signs of rising but it has yet to fully tap the sector’s potential.
According to data released by the Ministry of Agriculture and Rural Development, the country had had more than 25,000 agricultural projects with total registered capital of some US$319 billion as of April this year. Of these, foreign-invested projects accounted for over 500 with their capital making up a mere 1.2% of the total.
Japan, aside from being the second largest foreign investor of Vietnam, has actively invested in agriculture. However, the capital it poured into the sector is US$240 million, just equivalent to 0.04% of its total investment in Vietnam.