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Vietnam may surpass Thailand in rice export

Vietnam may surpass Thailand in rice export this year thanks to its competitive price and the removal of rice export quota, experts have said.
Vietnam may surpass Thailand in rice export ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam may surpass Thailand in rice exportthis year thanks to its competitive price and the removal of rice export quota,experts have said.

Statistics of the Thai Rice Exporters Association show thatThailand exported 2.57 million tonnes of rice worth 54.2 billion THB (1.71billion USD) in the first five months of this year, down 31.9 percent on volumeand 13.2 percent in value year-on-year.

Meanwhile, Vietnam shipped nearly 2.9 million tonnes of rice for1.41 billion USD in the reviewed period, up 5.1 percent in volume and 18.9percent in value, according to the Vietnam Chamber of Commerce and Industry(VCCI).

The Thai association said the country’s rice export volume thisyear is expected to stand at only 6.5 million tonnes, the lowest in the decadeand falling behind the target of 7.5 million tonnes.

The contraction is due to decreasing global demand under theimpact of the COVID-19 pandemic, a strong baht – Thailand’s currency, and loweroutput due to the prolonged drought.

Thailand currently ranks third in rice export, after India andVietnam. Its major rice buyers include the US, South Africa, Angola, China andJapan.

Experts forecast that Thailand is likely to fall from the third tothe fifth place in the list of global riceexporters in the next decade unless the country adopts long-termpolicies to increase the competitiveness of the staple.

Vietnam has succeeded in selling rice at cheaperprices than Thailand, and it has recently won contracts to export the commodityto key markets like China, Hong Kong, the Philippines, and Malaysia, the VCCIsaid.

In addition, the EU-Vietnam Free Trade Agreementis expected to help Vietnam diversify its rice markets.

Notably, apart from allocating a quota of20,000 tonnes of rice to all members of the World Trade Organisation(WTO) this year, the Republic of Korea had given a quota of 55,112tonnes of rice for Vietnam.

Those advantageous factors helped Vietnam surpassThailand to secure its second place just behind India. The country is expectedto sell 6.7 million tonnes of rice abroad this year, the VCCI said./.
VNA
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