Vietnam to boost rice exports amid new global developments

Aug 02, 2023 / 12:19 PM

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.

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