Export prices of Vietnamese rice up nearly 10%

Illustrative image (Photo: VNA)

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 exported 789,000 tonnes of the grain in the reviewed period, earning 417 million USD, down 18.8% in volume and 10.8% in value compared to the same period last year.

The Philippines is the largest importer of the food from Vietnam in January with over 129,000 tonnes worth 64.55 million USD, accounting for 34.6% of Vietnam’s total export.

Vietnam recorded the highest increase price for rice exported to Taiwan (China) in January, with a surge of 54.6% year-on-year.

It is forecast to have favourable conditions for rice exports in 2023 as many countries such as the US and China, and those in Europe, are being affected by climate change and drought, which cause a shortage of rice supply.

Moreover, India - one of the largest rice exporters in the world, imposes a ban on broken rice exports and a 20-percent tax rate on white rice varieties.

Vietnam aims to export between 6.5 – 7 million tonnes of rice in 2023.

Its export is predicted to increase again as the demand in traditional markets such as Indonesia and Bangladesh has risen, and China – one of the largest importers of Vietnamese farm produce, has opened the market after the COVID-19 pandemic./.