Business

Rice export turnover up 10 percent in 2020

Vietnam earned over 3 billion USD from exporting rice in 2020, according to the Vietnam Food Association (VFA), a year-on-year increase of more than 10 percent.
Rice export turnover up 10 percent in 2020 ảnh 1Vietnam's rice export turnover up 10 percent in 2020 - Illustrative image (Photo: VNA)

Hanoi (VNA) - Vietnam earned over 3 billion USD from exporting rice in 2020, according to the Vietnam Food Association (VFA), ayear-on-year increase of more than 10 percent.

The rice sector is expected to again post high growth this year, when new-generationfree trade agreements (FTAs) Vietnam has signed with foreign partners come intoplay.  

Amid the difficulties posed by the ongoing COVID-19 pandemic, rice exporters quicklymade appropriate adjustments and actively sought new markets while fully tappinginto the advantages brought about by FTAs.

Vice Chairman of the VFA, Do Ha Nam, said 2020 was a successful year forVietnam’s rice exports, which he attributed to increasing demand in manycountries and the improved competitiveness of Vietnamese rice around the world.

The EU-Vietnam FTA (EVFTA) has created a major opportunity for Vietnameserice to enter European markets and then make inroads into other choosy markets, Nam said.

Experts said that if Vietnam wants to maintain rice export growth in2021 it needs to focus on building a complete rice value chain and controllingquality in production, processing, and distribution.

The VFA predicted that rice exports will continue to grow this year because exportmarkets, such as the Philippines and Africa, are continuing to sign contracts.

Within the framework of the Vietnam-Eurasian Economic Union (EAEU) FTA, EAEU member states havepledged to give Vietnam a tariffquota of 10,000 tonnes of rice for this year.

Vietnam’s rice exports to the UK will also enjoy zero percent tariffs withoutquotas under the recently-signed UK-VietnamFTA.

To fully tap into the advantages available underFTAs, rice export giants such as the Intimex Corporation JSC, the Loc TroiGroup, the VRICE Co., and the Trung An Hi-Tech Agriculture JSC are planning toseek additional importers in markets where Vietnam has signed FTAs, especiallyin the UK.

The Ministry of Industry and Trade will continueto support exporters via providing timely information on market demand and strengtheningtrade promotion efforts./.
VNA
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