EU considered potential destination for Vietnamese rice
The EU - Vietnam Free Trade Agreement (EVFTA) has opened up unprecedentedly big opportunities for Vietnamese rice export. Thanks to preferential tariffs, the shipments of fragrant and high-quality rice to the EU have reaped encouraging results.
Vietnam exported 94,510 tonnes of rice to the EU in 2022. (Photo: VNA)
Hanoi (VNA) – The EU - Vietnam Free Trade Agreement (EVFTA) has opened upunprecedentedly big opportunities for Vietnamese rice export. Thanks topreferential tariffs, the shipments of fragrant and high-quality rice to the EUhave reaped encouraging results.
TheMinistry of Industry and Trade said though rice export to the EU is notbig in volume compared to other regional markets, it posts high added valuesince the 27 EU members consume mainly fragrant and high-quality grain fromVietnam. Domestic firms have made full use of the rice quota entitled to animport duty of 0% to boost shipments to the bloc, reported the Cong Thuong (Industry& Trade) newspaper.
In2022, the country saw a sharp increase in rice export to the EU to 94,510tonnes, surpassing the annual quota of 80,000 tonnes granted to Vietnam underthe EVFTA. Prices of the produce sold to the EU stood at 688 USD per tonne,41.4% higher than the general export price of 486 USD per tonne of Vietnameserice, statistics show.
Thisindicates the quality of Vietnamese rice has been improved and satisfied strictrequirements from demanding markets, and that enterprises have been making gooduse of the EVFTA.
Inthe first four months of 2023, Vietnam shipped nearly 2.9 million tonnes ofrice worth almost 1.53 billion USD abroad, up 40.7% in volume and 51.6% invalue from a year earlier. Export prices averaged 527 USD per tonne, rising7.8%. Notably, exports to some EU markets surged such as the Netherlands 44%,Poland 68%, Spain 89%, and Belgium 149%.
Withstable demand, especially for fragrant and high-quality rice, the EU isexpected to remain a highly potential market for Vietnamese exporters,according to Cong Thuong.
Underthe EVFTA, the EU granted Vietnam an annual export quota of 80,000 tonnes ofrice, including 30,000 tonnes of milled, 20,000 tonnes of unmilled,and 30,000 tonnes of fragrant one. In particular, it will completely liberalisethe export of broken rice, which will help Vietnam ship about 100,000 tonnes ofthis type of grain to this block each year. Meanwhile, import duties on productsmade from rice will be slashed to 0% after three - five years./.
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Vietnam exported 94,510 tonnes of rice to the EU in 2022. (Photo: VNA) 
