Rice exports gross nearly 1.4 billion USD in Q1

Vietnam exported more than 2.1 million tons of rice worth nearly 1.4 billion during the first quarter of the year, representing an increase of about 42% against the same period from last year, according to the Ministry of Agriculture and Rural Development.

The rise can be attributed to the fact that major markets such as the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore all increased their purchases of Vietnamese rice.

In particular, Vietnamese rice consistently dominated other rivals in the Philippines' rice auctions throughout the reviewed period.

Insiders point out that, several countries have raised concerns about reliance on Vietnam, meaning that they have launched plans to diversify supply sources.

Therefore, firms are advised to diversify their export markets, whilst improving product quality to make Vietnamese rice become more competitive in the global market.

Vietnam expects to earn 5 billion USD from rice exports this year, emerging as the world’s third largest rice exporter. Last year, the country exported 8.13 million tons of rice worth 4.7 billion USD./.