More opportunity for Vietnam rice to enter Sri Lanka, Philippines

Sri Lanka and the Philippines have opened more international bids to import rice. This is an opportunity for Vietnamese businesses to win the bids and ship their rice immediately in this November.

According to the Import-Export Department under the Ministry of Industry and Trade (MOIT), the Sri Lanka Embassy in Hanoi informed the MOIT about the bid to be opened by the Sri Lanka Business Association to buy 200,000 tons of rice.

Meanwhile, the Philippines as the second largest importer of Vietnamese rice planned to import more rice in the remaining months of this year.

The National Food Authority of the Philippines (NFA) will open a bid to buy around 250,000 tons of rice in November. However, it is also said that the Pilipino Government may raise the import quantity to 500,000 tons.

Vietnam exported 5.05 million tons of rice in the first 10 months of this year to fetch US$2.25 billion, up 22.3% in volume and 21.1% in value against the same period last year.

The two remaining months will be favourable for rice export as key markets like China and the Philippines all need to increase their imports.

It is estimated that rice exports will reach 5.7 million tons this year, higher than last year’s volume of 4.9 million tons.