Vietnam exported a record volume of nearly 6 million tonnes of rice in the first eight months of this year, up 20% year on year, according to the General Department of Vietnam Customs.
The Ministry of Industry and Trade has proposed that the Ministry of Agriculture and Rural Development intensify the restructuring of the rice industry to increase quality, improve efficiency, and develop better regional planning.
Greater demand in the international market has resulted in higher rice prices in the domestic market in recent months, according to Minister of Agriculture and Rural Development Le Minh Hoan.
Vietnam now has a great opportunity to expand its rice market share in the UK after India, the biggest supplier of the grain to this market, banned the export, said Trade Counsellor Nguyen Canh Cuong at the Vietnamese Trade Office in the UK.
Vietnamese rice exporters should make careful preparations to promote rice exports and maintain the markets, especially traditional ones, while ensuring the supply for domestic consumption, according to insiders.
Rice prices in Vietnam's Mekong Delta region last week reached a record high in the last 10 years after India banned the export of non-basmati white rice.
There have been encouraging signals in the past two months as enterprises and state management agencies have been actively implementing solutions to regain rice export momentum.
Amid favourable market trends and prices, the export of Vietnamese rice is achieving positive results in both volume and value. However, this also raises concerns about domestic food security.
Given the favourable market conditions, the number of orders for Vietnamese rice from many countries are on the rise, with rice exports yielding positive results.
Although Vietnamese rice has been exported to 150 countries and territories, markets for the product are mainly Asian countries and thus need to be diversified, according to experts.
The chance has come and doesn’t wait any, so it is necessary seize it to step up rice export, Minister of Agriculture and Rural Development Le Minh Hoan told this ministry’s meeting on July 6.
The EU - Vietnam Free Trade Agreement (EVFTA) has opened up unprecedentedly big opportunities for Vietnamese rice export. Thanks to preferential tariffs, the shipments of fragrant and high-quality rice to the EU have reaped encouraging results.
The Philippines spent more than 450 million USD importing some 900,000 tonnes of Vietnamese rice in the first quarter of this year, and more orders are expected to be placed in the time ahead.
Vietnam exported 1.7 million tonnes of rice in the first quarter of 2023 worth over 900 million USD, a 19% increase in quantity and 30% rise in value compared to the same period in 2022.
The Vietnamese rice industry is set to benefit from the high demand and prices this year, with lower input costs leading to expanded profit margins for rice businesses.
The export prices of Vietnamese rice in the first two months of 2023 rose by 9.8% year-on-year to 528.5 USD/tonne, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam’s rice export this year is expected to benefit from many favourable conditions, including high global demand, to reach 7 million tonnes, according to the Cong Thuong (Industry & Trade) newspaper.
Vietnam’s rice exports are predicted to reach just 6 million tonnes this year, lower than last year's figure due to limited supply and inventories, said businesses.
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