First batch of best rice strain to be exported to EU next week
Addressing a regular press conference of the Government on September 4, Minister Dung said the European Union is considered to be a potential export market for Vietnamese rice products, including the ST20 variety, following the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA), therefore pushing up the export price of local rice to the EU market.
At present Vietnamese ST20 and jasmine rice varieties have been traded at over US$1,000 and over US$600 per tonne, respectively, compared to figures of US$800 and US$520 per tonne as seen in the past.
Most notably, preferential tariffs and rice quotas for the nation under the EU-Vietnam Free Trade Agreement (EVFTA) are anticipated to serve to increase rice exports to the EU market, while simultaneously enhancing the competitiveness of domestic rice in the demanding market in comparison with other rice exporters.
Dung also affirmed that the agricultural sector is set to continue providing a solid foundation for the national economy, as it is likely to maintain growth momentum at between 2.6% and 2.8% and earn approximately US$41 billion this year.
The Ministry of Industry and Trade reported that Vietnam’s rice exports to the EU remain low, earning just US$10.7 million from exporting approximately 20,000 tonnes last year. The average rice consumption in the EU market reached roughly 2.5 million tonnes per year in the 2016 to 2020 period
Related News
Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2024
09:22 | 20/11/2024 Customs Statistics
Preliminary assessment of Vietnam international merchandise trade performance in the second half of September, 2024
09:21 | 20/11/2024 Customs Statistics
Latest News
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export
Vietnamese enterprises facing challenges from cross-border e-commerce platforms
14:32 | 21/11/2024 Import-Export
More News
Vietnam, Malaysia eye new milestone in trade ties
14:29 | 21/11/2024 Import-Export
Shrimp exports surge in 10 months, generating 3.2 billion USD
14:27 | 21/11/2024 Import-Export
Vietnam’s exports to the U.S. near US$100 billion milestone
09:46 | 21/11/2024 Import-Export
From the “abnormal” coffee price, worries about the new crop
09:46 | 21/11/2024 Import-Export
What obstacles limit the market share of Vietnamese goods in the UK?
14:49 | 20/11/2024 Import-Export
Why seafood exports to some Middle Eastern Countries are stalled
14:47 | 20/11/2024 Import-Export
Storm No. 3 destroys profits of many insurance companies
14:45 | 20/11/2024 Import-Export
Vietnam, Malaysia eye golden partnership opportunities in Halal industry
14:44 | 20/11/2024 Import-Export
Tra fish sector aiming for production, processing greening for sustainable development
14:41 | 20/11/2024 Import-Export
Your care
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export
Vietnamese enterprises facing challenges from cross-border e-commerce platforms
14:32 | 21/11/2024 Import-Export
Vietnam, Malaysia eye new milestone in trade ties
14:29 | 21/11/2024 Import-Export