Illustrative image. (Photo: VNA) Hanoi (VNA) – The rising demands for rice in internationalmarkets and higher prices are benefiting rice exporters as the number of orders has increased sharply.
According to Bui Thi Thanh Lam, Vice Chairwoman of the Vietnam FoodAssociation (VFA), Vietnam has enjoyed many advantages in rice exports in 2022 and2023.
In the first six months of the year, riceexports reached 4.27 million tonnes worth 2.3 billion USD, up 22.2% in volumeand 34.7% in value over the same period last year.
The Philippines remained the largest rice importer ofVietnam, followed by China. Indonesia has just opened a bid package for 300,000tonnes of rice which not only boosts the export market for Vietnam butalso pushes up rice prices.
According to the Ministry of Industry and Trade, the export prices of rice have been continuously revised up since mid-July. Only in the first two tradingsessions of the week, Vietnam's export rice prices had two consecutive upward adjustmentswith an increase of 15 USD per tonne.
Specifically, on July 19, the country’s 5% broken rice was offeredat 528 USD per tonne and Vietnam’s 25% broken rice price was 508 USD per tonne,about 20 USD higher compared to those at the beginning of the month.
In the first six months of the year, rice exports reached 4.27 million tonnes worth 2.3 billion USD, up 22.2% in volume and 34.7% in value over the same period last year. (Photo: VNA) Talking about the prices of Vietnamese rice from now until the endof this year, Hoang Thi Van, an economist at the Institute of Economics and Finance, said that the amounts of rice exported by India, Pakistan and Thailand this yearmay continue to be limited due to the drought caused by El Nino phenomenon. Itis expected that Vietnam's rice exports this year may continue to exceed 7million tonnes.
Nguyen Thi Quynh Hoa, from the Vietnam Institute of Strategy and Policyfor Industry and Trade, suggested a number of solutions to maintain theadvantages in rice exports.
First, it is necessary to perfect institutions and policies topromote exports and expand markets. She underlined the need for relevant agenciesto review mechanisms for managing rice export trading activities in line with movementsof domestic and international markets, ensuring its effectiveness along with nationalfood security.
Second, attention should be paid to developing quality andsustainable rice supply. Specifically, mechanisms should be issued to encourageand create favourable conditions for research, selection and breeding ofhigh-yield and high-quality rice varieties such as fragrant rice and famous brands, namely ST24 and ST25.
Market information work should be strengthened along with tradepromotion, she added.
Hoa also said that it is necessary to invest in upgradinginfrastructure and logistics systems for rice exports as well as developingdigital infrastructure and e-commerce./.
