Business

Rice exporters advised to diversify markets

Vietnam exported more than 4.5 million tonnes of rice in the first nine months of this year for 2 billion USD, but its dependance on the Chinese market brings latent risks.
Rice exporters advised to diversify markets ảnh 1Illustrative photo (Source: VNA)

HCM City (VNA) – Vietnam exported more than 4.5million tonnes of rice in the first nine months of this year for 2 billion USD,up 19.6 percent in volume and 18 percent in value year on year, but its dependance on the Chinese market bringslatent risks.

According to the Vietnam Food Association, China consumed 38 percentof total rice exported from Vietnam with more than 1.5 million tonnes worthover 700 million USD, followed by the Philippines with over 400,000 tonnes andMalaysia with more than 360,000 tonnes.

A surge in demand in Asia from June this year pushed rice prices to above400 USD per tonne, which also helped boost the domestic rice price.

Lam Anh Tuan, Director of Ben Tre-based Thinh Phat food company,said that along with the Chinese market, the Philippines and Bangladesh alsohave high demand for Vietnamese rice. However, he noted that Vietnamese firmsshould be careful in bidding for contracts in these markets.

Noting the stability of African markets, Dang Thi Lien, Director ofLong An food company said that along with major markets in Asia, her firm hascontracts with African partners.

While choosy markets such as the US, Europe and Japan are difficultto conquer, China is a promising market for Vietnamese farm produce, includingrice. But experts said that focusing only on this market brings many risks, asChina is encouraging farmers to increase rice production to reduce dependenceon imported rice.

They advised domestic firms to develop new markets such asBangladesh, Cambodia, Thailand, Malaysia, Myanmar and the Philippines, whilebuilding rice trademarks.

Tuan said that as all countries are striving to become self-reliantin rice supply, Vietnamese firms should diversify their markets.-VNA
VNA
#rice #rice export #Chinese market #Vietnam Food Association #rice prices #Vietnamese farm produce #rice supply #rice markets #Vietnam #Vietnam news #Vietnam News Agency
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