Hanoi (VNA) – Rice exports are expected to recover in the secondquarter of this year, boosted by encouraging market signs.
According to the Vietnam Food Association (VFA), Vietnamese rice shipments havestayed in good shape from the beginning of March thanks to the robust demandfrom Iraq, Malaysia, Cuba and China.
Iraq has already signed a deal to purchase 120,000 tonnes of the grain fromVietnam. Exporters expect to ship some 300,000 tonnes to the Southwest Asiancountry in 2019, equal to the same amount from the previous year.
Meanwhile, Malaysia’s commodities procurement agency Bernas sealed an agreementwith the Vietnam Northern Food Corporation (Vinafood 1) to buy 25,000 tonnes of5 percent broken rice. Bernas has requested express delivery for the order toensure sufficient rice supply in the country.
Negotiations are underway with importers from the Philippines and China.Vietnam is gaining competitive edge over its rivals as the price of 5 percentbroken rice in March stands at 340 USD per tonne, much lower than the same kindfrom India, Pakistan and Thailand which are sold at 370 USD, 360 USD, and 388USD per tonne, respectively.
In addition, the VFA is hoping for a rice export deal with the Republic ofKorea via the Tariff Rate Quotas (TRQs) system. Last year, Vietnam suppliedmore than 113,000 tonnes for the East Asian market through the TRQs.
Along with such key markets, Vietnam is seeking to get new rice buyers, with SaudiArabia deemed as a potential market, especially as harsh weather conditionshamper its rice production, driving the country to rely on rice imports. Lastyear, the country’s consumption of the grain was estimated at 1.27 milliontonnes.
India is the largest rice provider for Saudi Arabia, accounting for 79 percentof the market share, followed by the US (6 percent), Pakistan (6 percent),Thailand (5 percent), and Vietnam (2 percent).
Vietnam shipped 22,000 tonnes of rice to the country in 2018, and the figure isexpected to increase in the coming time. –VNA
Vietnam will earn 3.15 billion USD from the export of 6.15 tonnes of rice this year, up 19.6 percent in value and 5.7 percent in volume compared to the last year’s figures, statistics show.
In 2018, Vietnam’s total rice exports reached 6.15 million tonnes, with export turnover of 3.15 billion USD. The industry saw a 5.7 percent increase in volume and a 19.6 percent increase in value compared to 2017.
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Rice for export (Photo: VNA)
