Rice export likely to reach $3 billion this year

Traders buy rice in Mekong Delta (Photo: SGGP)

The Philippines is inviting bids for rice import and some Vietnamese firms are expected to win the bids, he added.

Rice export has enjoyed year on year increase in both volume and value with continuous bid winning in the Asian markets. The number of government contracts has reduced and commercial contracts has been on the rise.

According to Mr. Le Thanh Hai, deputy head of the Export Import Department under the Ministry of Industry and Trade, for the last three years, Vietnam’s rice export market has expanded from 60 to 150 nations and territories including Latin America and the Middle East. Rice export has been systematic with policies making long advance towards liberalization and gradually suiting international regulations.

Vietnamese rice export price has maintained high for many years. Sometimes this year, it is US$5-10 a ton higher than Thai rice of the same variety. The high price has not affected export volume and increased local rice price to benefit farmers.

However, the Export Import Department said that rice export has been strongly impacted from the Chinese market since early this year. For instance, the export status of three large rice export firms has been temporarily halted and China has recently lifted the tariff on some rice varieties from 5 percent to 50 percent.

Fortunately, businesses have found new markets with high quality standards, proving that Vietnam has not depended on a single market and been able to adapt to policy changes from import nations./.

SGGP News