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Rice exports show optimistic signs
The world’s rice market in recent times has shown optimistic signs, announced by Pham Van Bay, Vice Chairman of the Vietnam Food Association (VFA) in Ho Chi Minh City on March 22.
As of mid-March, Vietnam has exported nearly 1 million tonnes of rice and earned over US$465 million, down 25.98 percent in volume and 12.87 percent in value year on year.
New export contracts worth over 2 million tonnes of rice have been signed.
According to the VFA, after many years of failure to the Iraqi market, the Vietnam Northern Food Corporation (Vinafood 1) and the Vietnam-Iraq Rice Processing Joint Venture recently won a contract to export 150,000 tonnes of rice.
Currently, as Indonesia has only 1.3 million tonnes of rice in stock, this is a good opportunity for rice exporters.
A new market, South America, has many prospects because of lean harvests. Vietnamese businesses need to keep close watch on the market and actively penetrate.
For many years, the Philippines has been Vietnam’s main export market. Right now it needs to buy more 800,000 tonnes of rice and is scheduled to open bidding for the import of 200,000 tonnes of rice from Vietnam.
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