Illustrative photo (Photo: tienphong.vn)
 
Hanoi (VNA) - Vietnam exported an estimated 1.28 million tonnes of rice in the first three months of the year, earning 570 million USD, down 18 percent in volume and 17.3 percent in value compared to the same period last year.

The figures were released last week by the Ministry of Agriculture and Rural Development.

China remains Vietnam’s largest rice importer, with a market share of 36 percent, followed by the Philippines with nearly 25 percent market share.

The export drops were strongest in Ghana, Hong Kong and Malaysia.

Currently, the price of Vietnam’s 5-percent broken rice ranges from 350 USD to 355 USD per tonne, down 5 USD against last week (according to FOB prices at Saigon Port). This decreasing price is due to a larger winter-spring crop.

At the beginning of this year, the Ministry of Industry and Trade repealed regulations limiting rice exporters because they were considered detrimental to the growth of the rice export sector.

The ministry expects to create a healthy market for enterprises investing in rice production and trade, and to ease farmers’ difficulties by boosting high-quality rice exports.-VNA