The move could further cement Vietnam's growing presence in the global food supply chain.
As global rice prices continue to rise, the Ministry of Agriculture and Rural Development (MARD) urges the Government to increase rice exports, especially as the domestic supply currently stands at 43 million tons.
A rice field in Hanoi. Photo: Pham Hung/The Hanoi Times |
MARD highlighted several positive developments in the world rice market. In particular, Russia's withdrawal from the Black Sea grain export agreement and the suspension of rice exports by India and the United Arab Emirates have created favorable conditions for Vietnamese rice.
In addition, factors such as El Nino, saline intrusion, and global drought have negatively affected rice production worldwide, while Vietnam's domestic rice production situation is currently favorable. The ministry proposed that the Prime Minister order the strengthening of rice exports in light of the new circumstances.
According to MARD, the Ministry of Industry and Trade should strengthen monitoring and accurately forecast the import and export situation, consumption demand, and prices regionally and globally. This proactive approach would allow flexible management measures to be implemented as needed.
At the local level, it is essential to create an enabling environment for individuals and businesses involved in rice production and trade. Relevant authorities must actively cooperate to quickly address any obstacles that may arise in the production, distribution, and export of rice to ensure a seamless process.
MARD is closely monitoring and assessing the production situation, taking measures to prevent plant diseases, and proactively responding to adverse weather changes to achieve the target of 43 million tons of rice production this year.
The price of 5% broken rice in Vietnam reached $588 per ton on August 1, a significant increase of $55 per ton compared to the price ten days earlier, according to the Vietnam Food Association,
A report from the General Department of Vietnam Customs showed that rice exports had already reached $2.58 billion by the end of July, a remarkable increase of 30% compared to the same period last year, with the average price at $534 per ton, up 9.2%.
By the end of 2023, Vietnam is expected to export more than 7.5 million tons of rice, generating and revenue of $4.1 billion.
Other News
- Hanoi ranks second in the E-Business Index
- Vietnam among Asia-Pacific's fastest growing economies: FedEx
- Vietnam’s stock market remains attractive investment channel: Expert
- Cuba appreciates Vietnam’s support in food and fisheries production
- Vietnam, China to step up cooperation strategy for mutual development
- PM orders urgent measures to address volatile gold prices
- Vietnam earns US$1.4 billion from rice exports in Q1
- Russia’s Zarubezhneft Group explores opportunity for offshore wind projects in Vietnam
- Vietnam poised to reap rewards of rebound in global demand: AMRO
- India, Vietnam seek strong development objectives: Ambassador
Trending
-
Hanoi flowers on postage stamps
-
Hanoi Times Podcast - Apr. 27
-
Cooperation and investment: key to effective tourism promotion in Vietnam
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024
-
Introduction of community tourism area in Hanoi herb kingdom
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality