Vietnam’s rice export forecast to enjoy another successful year
More than 80% of rice varieties in Vietnam are fragrant high-quality rice, which is an important factor that helps increase Vietnamese rice's value and accessibility to markets.(Photo: VNA)
Vietnam’s rice export is forecast to continue reaping successes this year as the world's rice prices remain high at least in the short term as global economic and political uncertainties have resulted in a high demand for rice reserves, according to experts.
According to the Vietnam Food Association, by the middle of last month, Vietnam earned nearly 115 million USD from exporting more than 226,000 tonnes of rice, an increase of over 41% in terms of both volume and value compared to the same period last year.
The country exported ST24 and ST25 rice to the Middle East region with a record-high price of 1,000 USD per tonne, doubling the price of normal white rice.
Vietnamese rice further penetrated demanding markets like Japan and the EU.
According to experts, more than 80% of rice varieties in Vietnam are fragrant high-quality rice, which is an important factor that helps increase Vietnamese rice's value and accessibility to markets.
This year’s rice prices are forecast to return its peak in 2019 thanks to periodical factors and increasing demand for rice reserves in countries, including such populous nations as China and India.
Moreover, Vietnamese rice exporters are taking advantage of free trade agreements.
Pham Thai Binh, General Director of Trung An Hi-tech Agriculture Joint Stocks Company, said that before the EU–Vietnam Free Trade Agreement (EVFTA) took effect, Vietnamese rice exported to the EU was taxed at high rates, from 5% to 45%, depending on countries.
As the result, it was difficult for Vietnamese rice to compete with those from Cambodia and Myanmar as the EU has exempted import taxes for those countries.
Meanwhile, although Thailand’s rice is heavily taxed but its branding is strong and long-lasting, resulting in its high competitiveness, Binh said.
According to analysts from BIDV Securities Company (BSC), unfavourable weather conditions make major rice exporters like India and Pakistan reduce export volumes while major rice importers like China increase imports.
Vietnam and Thailand are expected to hold negotiations to discuss rising rice prices in the context of increasing prices of input materials.
Last year, Vietnam exported nearly 7.2 million tonnes of rice, gaining 3.49 billion USD./.
Related News
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Latest News
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More News
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Rubber exports are flourishing, promising potential
17:51 | 20/04/2024 Import-Export
Your care
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export