Rice exports on sharp rise

Rice exports rose high by 19.8% in volume to 3.96 million tons and 17.5% in value to US$1.75 billion in the first eight months of this year against the same period last year, according to the Ministry of Agriculture and Rural Development.

Vietnam has set a rice export target of around 5.7 million tons. To meet the target, the country will have to export 1.74 million tons of rice in the four remaining months.

In August, the price of normal rice inched up while that of the high-quality rice fell slightly. The price increase can be attributed to the fact that winners of contracts to export rice to the Philippines accelerated purchasing.

China remained the biggest importer of Vietnam rice in the first seven months of this year with 1.38 million tons valued at US$623 million, accounting for 40.9% of market shares.

Early this year, rice exports showed positive signs thanks to export contracts with the Philippines, China and Africa.

The Industrial and Trade Information Centre under the Ministry of Industry and Trade forecast that annual rice exports in the 2017-2020 period is expected to reach 4.5-5 million tons with a value of US$2.2-2.4 billion.

According to the rice export market development strategy in the 2017-2020 period with a vision to 2030 approved by the Prime Minister, the rice sector will diversify its export markets to reduce dependency on certain markets, take full advantages of free trade agreements and improve the value, brand and reputation of Vietnamese rice on the global market.