Vietnam’s rice exports little affected by Thailand’s bargain sale
Thailand’s plan to sell off more than 11 million tonnes of rice reserves will not impact Vietnam’s rice exports, according to several exporters in the Mekong Delta city of Can Tho.
Illustrative photo (Source:VNA)Nguyen Trung Kien, chairman of Gentraco Corporation, one of the city’s leading rice exporters, said sales from Thailand will not be competitive with Vietnamese rice as about 80 percent of Thailand’s proposed sales are for industrial use.
Thailand’s move may affect the volume of Vietnamese rice exports but not export markets as the reserve rice is old and of low quality which can only be used in food processing or sold to some poor countries and humanitarian organisations, said Pham Thai Binh, Director of Trung An Co. Ltd.
Vietnam has stable export markets which prefer high-quality and newly-harvested rice, Binh said.
The world’s demand for rice is also rising as the output of rice in several countries is likely to decline due to bad harvests, he said.
Binh said that Vietnam’s rice exports this year are likely to reach 7 million tonnes.
According to Nguyen Minh Toai, head of the municipal Department of Industry and Trade, rice exporters need to closely monitor Thailand’s clearance sale.
In order to maintain traditional rice markets, exporters should keep close track of demand and further improve products’ quality, according to several enterprises.
Last year, Vietnam was the third largest rice exporter in the world with an export volume of 6.4 million tonnes.-VNA
You should also see
Dien Bien Phu Victory echoes, 70 years on
Seventy years ago, Vietnam won the Dien Bien Phu battle, forcing the French government to sign the Geneva Agreement in July 1954 and marking the end of the French military presence in the whole Indochina.
See more
Business
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
Videos
Agro-forestry-fisheries products nearly double in Q1
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at over 13.5 billion USD, up nearly 22% over the same period last year, according to the Ministry of Agriculture and Rural Development.
