Over 92% of VNs rice export in Q1 under firms deals

More than 92 percent of Vietnam’s rice exports in the first three months of the year was under trade deals of businesses, according to the latest report of the Vietnam Food Association (VFA).

The report also said Vietnam exported 1.1 million tonnes of rice, down 23 percent in volume and 18 percent in value compared to the same period last year.

China remained the largest rice importer in the reviewed time with 448,000 tonnes, making up 41 percent of the total rice exports, followed by the Philippines and Africa with 20 percent and 13 percent, respectively. 

Average price of rice export in Q1 reached US$432 per tonne, up US$27.7 per tonne against last year. Rice price in March climbed to some US$445 per tonne, increasing US$42.8 due to a surge in domestic rice price. 

According to Huynh The Nang, Chairman of VFA, many key rice importers of Vietnam, particularly in Southeast Asia, have switched their rice import mechanisms from inter-governmental deals to trade deals of private companies or liberalise rice trade.

He added that Vietnam’s rice exporters should prepare to better adapt to market demand in the future.