Farmers in southern province of Hau Giang harvest paddy. Experts are optimistic about rice exports as consumption is expected to exceed the rice output. (Photo: VNA)
Hanoi (VNS/VNA)൲ - Vietnamese rice exports have been increasing significantlyin the first months of 2022, signalling a favourable year for the country’sproduce.
Data from the General Department of Customs showed the countryexported 974,556 tonnes of rice worth nearly 469.26 million USD in the firsttwo months of the year, up 48.6 percent and 30.6 percent against the sameperiod last year, respectively. Vietnam's largest rice export market during the period was thePhilippines, with the exports to the country rising by 110 percentin volume and 82 percent in value. It was followed by China with81,880 tonnes. Experts forecast both rice output and consumption in the globalmarket will increase this year. They even said that in the next oneor two weeks, rice export market will be busier. Besides, exportprices are also expected to rise again when importers step up their purchases. Insteadof volume, Vietnamese rice exporters have been focusing more on quality tobetter access the European market to capitalise on the EU-Vietnam Free TradeAgreement (EVFTA). According to the Department, though the country’s rice exportvolume to the EU last year inched up only 0.8 percent against the previous yearto 53,910 tonnes, the produce’s export value surged 21.6 percent to 38.07million USD. The Ministry of Industry and Trade’s Import-Export Departmentattributed the high value to the success of Vietnamese rice exporters in takingadvantage of the EVFTA. The export price of Vietnamese rice gained thestrongest increase of 20.3 percent to 781 USD per tonne on average among thetop 10 rice suppliers for the EU in the first nine months of 2021. The pricehike was thanks to an increase in exports of Vietnamese high-quality andspecialty rice varieties such as fragrant rice, ST24 and ST25. Experts said Vietnam's rice exports this year will continue tobetter exploit the advantages from the EVFTA to boost shipments to the Europeanmarket. The EU currently accounts for only a small share of Vietnam's totalrice exports with 1 percent in volume and 1.3 percent in turnover./.
The Philippines’s lowering tariffs on imported rice would open up opportunities for Vietnam to maintain stable supply of the product for the country and helping it stabilise the domestic market, the Vietnamese Ministry of Industry and Trade said.
High prices of rice sold in the domestic market and for export in the recent past have fueled risks of origin fraud, influencing the prestige of Vietnamese rice in the global market, insiders have warned.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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Farmers in southern province of Hau Giang harvest paddy. Experts are optimistic about rice exports as consumption is expected to exceed the rice output. (Photo: VNA) 
