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Rosy future for Vietnamese rice exports
The number of pre-signed contracts to export has risen by 20 percent, helping to boost rice exports in the third quarter of this year, with an estimated volume of 1.6-1.8 million tonnes, according to the Vietnam Food Association (VFA).
The Ministry of Agriculture and Rural Development (MARD) said that in the first half of this year, Vietnam earned US$1.87 billion from exporting 3.6 million tonnes of rice, down by 2.3 percent in volume over the same period last year but up by 7 percent in export value.
Rice business on the international market recently went into full swing as the Philippines plans to import more than 2 million tonnes of rice. MARD said that the rising export price on the global market will help Vietnam boost its exports.
The Philippines remains the top importer of Vietnamese rice, accounting for nearly 50 percent (US$759 million) of the country’s total export value and bigger than Singapore- its second biggest importer which makes up 7.2 percent (US$108 million) of its export value.
Among Vietnam’s 10 leading customers, Singapore, Taiwan and Hong Kong showed the fastest growth in volume and value over the same period last year.
Vietnam’s rice exports to Hong Kong over the past five months have earned US$11 million.
Vietnamese Trade Counsellor to Hong Kong and Macao (China), Vu Thinh Cuong, predicted that Vietnam’s rice exports to Hong Kong would continue to go up in the second half of this year thanks to the increasing number of orders from Hong Kong and Guangdong.
According to the VFA, Vietnamese rice exporters are also seeking to penetrate the Brazilian and SouthAfrican markets.
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