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Price hikes in rice help boost exports
The price of rice in the Mekong River Delta has increased after a sharp decrease in recent time. The market demand for rice will increase dramatically in the remaining months of the year, helping speed up Vietnam’s rice exports.
Over the past two days, rice prices in the Mekong River Delta region have risen from VND3,200-3,500 per kilo to VND3.800-4,500 per kilo (for specialty rice) and VND4.500-4.800 per kilo (for normal varieties) or even to VND5,200-6,000 per kilo (for high quality rice). Some enterprises predict that the purchasing price of rice is likely to exceed VND5,000 per kilo.
Director of Can Tho export Food Joint Stock Company Lam Van Quy attributed the rise in rice prices to the impact of rice consumption in the world market, adding that the demand for rice will increase remarkably in the remaining months. Moreover, after the Government asked enterprises to purchase rice for farmers, many export enterprises are actively seeking new outlets for their rice remaining in store.
Earlier, the Ministry of Industry and Trade sent a document asking the Vietnam Food Association (Vinafood) to speed up rice exports in the remaining months of this year. Accordingly, Vinafood asked enterprises to boost the delivery of goods for signed contracts and to continue to negotiate for new export contracts from now till the end of the year.
In August, Cuba became Vietnam’s largest rice importer, followed by Angola, Russia, and Poland.
According to the Ministry of Agriculture and Rural Development, in September, Vietnam’s export price for rice stood at around US$660 per tonne on average against US$600 in August.
Since the beginning of the year, Vietnamese enterprises have exported nearly 3.3 million tonnes of rice, reaching a turnover of nearly US$2 billion. It is expected that Vietnam will export around 4.5 million tonnes and earn a turnover of nearly US$3 billion this year.
VOV
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