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ECONOMYTRADE - SERVICE

Vietnam’s rice export in 11 months exceeding 2016

Updated at Thursday, 07 Dec 2017, 07:11
The Hanoitimes - According to the Ministry of Industry & Trade, in the first 11 months of 2017, Vietnam’s rice export reached 5.52 million tons with value of 2.49 billion USD, up 24.1% in terms of quantity and 24.9% of quality compared to the same period of last year.
With this result, Vietnam’s rice export by the end of November has exceeded rice export in 2016 both in value and quantity (4.9 million tons and 2.2 billion USD). This year, instead of focusing on rice of medium and low quality, Vietnam has increased exporting rice of high quality and value. On the other hand, Vietnam’s rice has been exported to 132 markets in the world, in which China is the biggest market. In 10 months, Vietnam’s rice export to China contributed to 40% of total rice export of Vietnam with amount up to 2.03 million tons, up 35% compared to the same period of last year and continues to be the biggest import market for Vietnam’s rice. 
 
Rice is one of the main export product of Vietnam.
Rice is one of the main export product of Vietnam.
As one of the main market for Vietnam’s rice, the rice amount exported to Philippines after 10 months has increased 41.3% compared to the same period of last year, while the amount to Malaysia has also increased 97.3%, Ivory Coast also increased 39.7%. In addition to advantages of markets, price for rice export has continued growing since June to date. If for the beginning of June, the average price of rice is 360 USD per ton, but by October, it has increased to 509 USD per ton, so in average the price of rice for 10 months is 448.6 USD per ton. 

The result of rice export in this year has an important meaning as rice is one of the main export of Vietnam, taking Vietnam to the second and then the third largest exporter of rice in the world. In 2017, rice export is forecasted to face numerous challenges as many countries shifted policies of food self-sufficiency. However, due to the impact of climate change, rice supply in some countries have been reduced, leading to higher demand for rice import from China, Philippines, Malaysia, Korea. As such, rice export of Vietnam has experienced rapid growth rate. Especially, the expansion of rice export to new markets such as Bangladesh, Iraq also contributes to rice export exceeding expectation for this year. 

 In supporting rice export, the Ministry of Industry & Trade has actively implemented strategy to develop rice export market in the direction of reducing quantity and increasing quality. Besides, provinces also implement rice production standards such as good agricultural practice (GAP), strictly monitoring the production chain to ensure food safety regulation and meeting the requirements for import markets, with an aim for Vietnam’s rice to have a stronger status in the market. 

It is expected that in the last month of 2017, Vietnam’s rice export will be around 400,000 – 450,000 tons, taking the total rice export of Vietnam in 2017 to 5.9 – 6 million tons, up 1.1 – 1.2 million tons compared to the same period of 2016.  
Ngoc Thuy
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