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Vietnam to diversify rice export markets

Vietnam will develop and diversify rice export markets with a reasonable, stable, and effective scale, market and product structure under a strategy recently approved by the Prime Minister.
Vietnam to diversify rice export markets ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Vietnam will develop anddiversify rice export markets with a reasonable, stable, and effective scale,market and product structure under a strategy recently approved by the PrimeMinister.

The Strategy on Development of Vietnam's Rice ExportMarkets until 2030 sets the targets of improving the value of exported rice,and reducing export volume by 2030 to about 4 million tonnes with a turnover ofabout 2.62 billion USD.

The Ministry of Agriculture and Rural Developmentreported that last May, Vietnam shipped abroad some 1 million tonnes of ricevalued at 489 million USD, raising rice export volume and value in the firstfive months of this year to nearly 3.9 million tonnes and 2.02 billion USD,representing year-on-year increases of 40.8% and 49%, respectively.

In the first four months of this year, thePhilippines was Vietnam’s biggest rice importer, making up 42.4% of the marketshare.

Among Vietnam’s 15 biggest rice buyers, Indonesiaexperienced the sharpest rise in value (26.3 times), according to the ministry.

Under the strategy, Vietnam's rice sector will alsoincrease exports of high-quality rice. Specifically, between 2023 and 2025, theproportion of low- and medium-grade white rice will not exceed 15%; high-gradewhite rice will account for about 20%; fragrant rice, japonica rice andspecialty rice 40%; sticky rice 20%; rice products with high added value suchas nutritious rice, parboiled rice, organic rice, rice flour, rice-processedproducts, rice bran and some other rice by-products 5%; and rice with brand names20%.

Nguyen Van Thanh, Chairman and CEO ofPhuoc Thanh IV Trading - Production Company Limited, said the adjustments aresuitable, explaining that the Mekong Delta, Vietnam's ricebowl, reduced the number of rice crops to only one from three.

Experts said intensive processing will help Vietnamraise its rice value by multiple times, noting it requires investment in science-technologyto put the grain on market shelves in Europe, the US, Canada, Japan and theRepublic of Korea (RoK).

Deputy Minister of Agriculture and Rural DevelopmentPhung Duc Tien said up to 85% of Vietnamese rice varieties are high-qualityones. Therefore, prices of Vietnamese rice have exceeded those of Thailand tostand at 485-495 USD per tonne.

Given requirements of markets and free tradeagreements, the research of high-quality rice varieties with affordable priceshas proven effective in rice production, especially in terms of food security,he said./.
VNA
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