September 15, 2023

[Sector Committee spotlight] Food, Agri and Aqua Business Sector Committee (FAABS)

FAABS spearheads sustainable transformation in Vietnam’s agri-aqua sectors

 

Vietnam’s agricultural and aquaculture sectors play a vital role in the country’s economy and food security. Recognizing this importance, the EuroCham Food, Agri and Aqua Business Sector Committee (FAABS) works to strengthen these sectors.

 

FAABS is working closely with various stakeholders including the Vietnamese government, its agencies, as well as Vietnamese and European companies, to optimize food, agriculture, and aquaculture within the nation.

 

For 2023, FAABS is prioritizing a sustainable and consumer-centric model for the industry. Their annual theme is articulated as “Sustainable development for the food, agri and aqua business sector.” To realize this vision, the Sector Committee has outlined three major advocacy points:

 

  • Strategy to Agroecology Approach: FAABS is working on this advocacy topic through approaches such as proposals and insurance options that would encourage farmers to take calculated risks in transitioning into agroecology and organic production.
  • Nature-Based Solutions: Accelerating the transition to sustainable agriculture through the advocacy and implementation of nature-based solutions.
  • Financing Options: Educate corporates around the benefits of working capital as it helps their entire ecosystem right from suppliers to distributors to buyers to end customers. Furthermore, there is a need for a subsidized ESG incentive scheme from the government, similar to the subsidized scheme for the encouraged sector. This will encourage companies to activate their ESG plans on transitioning towards net zero. Lastly, clearly articulate the Power Development Plan 8 (PDP8) implementation plan with specific timelines, as it’ll benefit corporations in the agriculture and aquaculture sector. 

 

One of the committee’s ambitious objectives is to integrate these sustainable and efficient practices into Vietnam’s national plan for the agriculture sector. FAABS has been resolute in this commitment, evident through a wide range of activities carried out in the first three quarters of 2023.

 

The advocacy activities range from media interviews focusing on green and sustainable investment in agriculture to direct dialogues with key governmental stakeholders. Internal meetings have also been organized to ensure all members align with the advocacy goals.

 

As Vietnam’s agriculture and aquaculture sectors remain pivotal, EuroCham’s FAABS committee is taking proactive steps to fortify these industries, with an emphasis on sustainability and consumer-centric development. Through multi-stakeholder collaboration, targeted advocacy, and a commitment to infuse the National Plan with progressive strategies, FAABS is setting the stage for a transformative year in Vietnam’s food, agri, and aqua sectors.

Want to join FAABS? Contact FAABS Coordinator Khoa Nguyen at khoa.nguyen@eurochamvn.org for more info

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