Vietnam to diversify rice export markets

Vietnam will develop and diversify rice export markets with a reasonable, stable and efficient scale, market and product structure, according to a strategy recently approved by the Prime Minister.

The Vietnam Rice Export Market Development Strategy up to 2030 sets the goals of improving the value of exported rice and reducing the export volume up to 2030 to about 4 million tons with a turnover of about 2.62 billion tons. Dollars.

The Ministry of Agriculture and Rural Development reported that Vietnam shipped about 1 million tons of rice abroad valued at USD 489 million last May, raising the volume and value of rice exports in the first five months of this year to almost 3.9 million tonnes and USD 2.02 billion, representing a year-on-year increase of 40.8% and 49%, respectively.

In the first four months of the year, the Philippines was Vietnam’s largest rice importer with 42.4% of the market share.

Among Vietnam’s 15 largest rice buyers, Indonesia experienced the largest increase in value (26.3 times), according to the ministry.

According to the strategy, the Vietnamese rice sector will also increase exports of high-quality rice. Specifically, between 2023 and 2025, the proportion of low and medium quality white rice will not exceed 15%; high-quality white rice will represent about 20%; perfumed rice, japonica rice and special rice, 40%; sticky rice, 20%; high value-added rice products, such as nutritious rice, parboiled rice, organic rice, rice flour, processed rice products, rice bran and some other rice by-products, 5%; and branded rice, 20%.

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Nguyen Van Thanh, Chairman and CEO of Phuoc Thanh IV Trading – Production Company Limited, said the adjustments are appropriate, explaining that the Mekong Delta, Vietnam’s rice bowl, reduced the number of rice crops from three to just one.

The experts noted that intensive processing will help Vietnam multiply the value of its rice, noting that investment in science and technology is needed to get the grain onto the shelves of markets in Europe, the US, Canada, Japan and the Republic of Korea (DRC).

In the first four months of the year, the Philippines was Vietnam’s largest rice importer with 42.4% of the market share.

Vice Minister of Agriculture and Rural Development Phung Duc Tien stated that up to 85% of Vietnamese rice varieties are of high quality. As a result, Vietnamese rice prices have surpassed those of Thailand, standing at USD 485-495 per tonne.

Given the requirements of markets and free trade agreements, research into high-quality rice varieties with affordable prices has proven effective in rice production, especially in terms of food safety, he said.

Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article:https://en.vietnamplus.vn/vietnam-to-diversify-rice-export-markets/254086.vnp

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