Vietnam’s rice exports likely to hit a record high

The US Department of Agriculture predicts that Vietnam’s rice exports are likely to hit a record high of 6 million this year.

Vietnam is currently the second biggest rice exporter after Thailand and this high export figure can help the country close the gap with Thailand.

Last year, the prices of export rice rose considerably due to increasing demand and a decision by a number of rice exporters including Vietnam to temporarily limit export volume to ensure domestic supply.

The cheaper prices of Vietnamese rice compared to Thai rice has enabled Vietnam to become a stronger competitive rice exporter.

According to the United Nations Food and Agriculture Organisation (FAO), Vietnam’s rice exports are in good condition thanks to bumper crops, low prices and abundant reserves.

The Vietnamese Government is encouraging businesses to boost rice exports as a way of making up for the shrinking export earnings of other items in the face of the global economic downturn.

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