Rice exports rise 42%
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Vietnam exported 2.1 million tons of rice in the first three months, worth $1.4 billion in total, up 42% year-on-year in value.
According to the Ministry of Agriculture and Rural Development, main buyers such as the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore all posted growth.
The Philippines and Indonesia, however, are making efforts to increase production to reduce their dependence on Vietnamese rice.
African countries, which have long been a buyer of Vietnamese rice, are now also being supported by other countries to grow their own rice.
The ministry therefore urged rice exporters to diversify their markets and increase their product quality to make Vietnamese rice more competitive.
Vietnam’s 5% broken rice export price is now at $576 per ton, down 12% from the beginning of the year and lower than competitors in Thailand and Pakistan.
Vietnam, which ranks third globally in rice exports, aims to ship $5 billion worth of rice this year, up from a record $4.7 billion last year.
Questions & Answers
Q.What is the total value of rice exports from Vietnam so far this year?
What is the total value of rice exports from Vietnam so far this year?
Vietnam exported 2.1 million tons of rice in the first three months, with a total value of $1.4 billion. This represents a 42% increase in value compared to the same period last year.
Q.Which countries are the primary buyers of Vietnamese rice?
Which countries are the primary buyers of Vietnamese rice?
The main buyers of Vietnamese rice include the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore. All these countries reportedly posted growth in their purchases from Vietnam.
Q.Why is Vietnam's Ministry of Agriculture and Rural Development urging exporters to diversify markets?
Why is Vietnam's Ministry of Agriculture and Rural Development urging exporters to diversify markets?
The ministry is urging diversification because major buyers like the Philippines and Indonesia are trying to increase their own production. Also, African countries, long-term buyers, are now receiving support to grow their own rice.
Q.How does the current price of Vietnamese 5% broken rice compare to its competitors?
How does the current price of Vietnamese 5% broken rice compare to its competitors?
Vietnam's 5% broken rice is currently priced at $576 per ton, which is 12% lower than at the start of the year. This price is also lower than that offered by competitors in Thailand and Pakistan.
Reader pulse
Is Vietnam's $5 billion rice export target achievable?
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