Vietnam's rice export was up 20.5% in the first seven months of 2022

Thứ 3, 07 / 05 / 2024

Markets news

Vietnam's rice export was up 20.5% in the first seven months of 2022

Vietnam exported nearly 4.2 million tonnes of rice in the first seven months of 2022, up 20.5% year-on-year, according to the Ministry of Agriculture and Rural Development.

But earnings were only 9% higher, at 2 billion USD, since global rice prices have fallen by over 10% to 489 USD a tonne on average.

Exports to the US grew fastest at 65.3%, followed by the Philippines, Vietnam's top market, at 48.6%.

Domestic prices also fell as adverse weather affected rice quality and demand was low compared to previous months.

Exporters have slowed down purchases from farmers and await the peak harvest season. Vietnam is currently the second biggest rice exporter in the world, just behind India.

As many countries in the world have limited food exports to guarantee domestic food security, rice – a staple in most of Asia – is forecast to witness surging prices in the time ahead, which is said to be a chance for Vietnam – one of the world’s largest rice exporters.

Vietnam is one of the world’s leading rice exporters, and the country’s grain has been available in more than 100 markets over the world. But it is the first time the ST25 rice has been shipped to Japan.

The diplomat expressed his hope that more varieties of Vietnamese rice will be able to approach this choosy market.

The UK market still has considerable room for Vietnamese rice suppliers to boost exports thanks to the UK-Vietnam Free Trade Agreement (UKVFTA) tariff quota and the Vietnamese community of more than 100,000 people in the UK, a senior trade official has said.

Room remains for Vietnamese rice exports to UK

Vietnam ranks 15th among countries exporting rice to the UK, making up a modest 0.42% of the total import turnover to this country.

However, before having experienced a surge in rice purchasing power from the UK market since January 2022, Loc Troi witnessed an eight-month off-peak trading period in 2021 due to the complicated developments of COVID-19.

MoIT ready to help Vietnamese companies access Côte d'Ivoire market

The Trade Promotion Agency under Ministry of Industry and Trade (MoIT) stands ready to support and create favourable conditions for companies of Vietnam and Côte d'Ivoire to promote bilateral trade in the future, its director Vu Ba Phu has said.

The agency has strived to deploy trade promotion and investment solutions based on the application of information technology, aiming to help Vietnamese companies maintain contact with potential foreign partners and investors to explore collaboration opportunities.

Côte d'Ivoire is Vietnam's second-largest trading partner and fourth-largest export market in Africa, according to Nguyen Phuc Nam, deputy head of the Asia-Africa Market Department under MoIT.

The value of two-way trade has amounted to more than 1 billion USD per year between 2017 and 2021. Bilateral trade recorded a strong recovery last year, reaching nearly 1.26 billion USD, up 38.7% from 2020.

In particular, Vietnam is currently one of the five largest rice exporters to Côte d'Ivoire, accounting for an average of 30-40% of the African country's total rice import value.

http://www.asemconnectvietnam.gov.vn/default.aspx?ID1=2&ZID1=8&ID8=121750