Up to 100,000 tonnes of Vietnamese rice will be shipped to the EU each year tax-free in 2018 following the Vietnam-EU Free Trade Agreement, helping local rice exporters penetrate the market.
Despite rapid growth for years, the rice sector of Vietnam is hamstrung by policies that reduce its competitiveness. Amidst this situation, strong actions are needed to broaden markets and increase rice exports.
Vietnam is expected to be the world’s fifth largest rice producer in 2017, according to the Crop Prospects and Food Situation report released by the UN’s Food and Agriculture Organisation (FAO).
Vietnam exported more than 14,700 tonnes of rice worth 5.56 million USD to Russia in the first five months of this year, a year-on-year increase of 707 percent in volume and 662.6 percent in value,