Today: 26/05/2022 14:51:49 (GMT+7)

Vietnam likely to achieve rice export target this year

Vietnam is expected to achieve its export target of 6.3 million tonnes of rice worth US$3.2 billion this year due to high global demand and an increase in export prices.

Statistics from the General Department of Vietnam Customs, the country exported 593,600 tonnes of rice in September, worth over US$293.1 million, increases of 19% in volume and 20.5% in value compared to last year’s figures.

Vietnam, rice export target, high global demand, export prices, global market, Covid-19 pandemic,  five-percent broken rice

Farmers harvest spring-winter rice crop.

Vietnam shipped abroad 4.57 million tonnes of rice worth over US$2.41 billion during the nine-month period, a drop of 8.3% in volume and 1.2% in value year-on-year.

“The rice export has been resumed since September despite the fact that social distancing has still being applied in many southern provinces and cities,” Nguyen Quang Toan, General Director of the Agro Processing and Market Development Authority under the Ministry of Agriculture and Rural Development.

Nguyen Thanh Phong, Director of Van Loi Company, attributed the increase in the Vietnamese rice export prices to the fact that the Government has boosted its purchase for national reserves, along with the rising demand in the global market since the beginning of September.

Other insiders also expressed their optimism as rice foreign importers allow the resumption of rice trading once the Covid-19 pandemic is put under control.

Some major rice exporters are predicted to increase their rice imports in the last months of this year and the first half of 2022, they said.

The export prices of Vietnam’s five-percent broken rice has soared to the highest level over the past three months, according to Vietnam Food Association.

The country’s five-percent broken rice is currently sold at between US$433 and US$437 per tonne, surpass those from other competitors such as Thailand, India and Pakistan.

Specifically, the prices of Vietnamese rice were US$49, US$68 and US$55 higher than that of Thailand, India and Pakistan, respectively.

In mid-August, the export price of Vietnam’s five-percent broken rice was offered at US$393-307, US$8 lower than Thai product.

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Source: NDO/VNA

Vietnam, rice export target, high global demand, export prices, global market, Covid-19 pandemic, five-percent broken rice
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