Vietnam’s rice exports are predicted to reach just 6 million tonnes this year, lower than last year's figure due to limited supply and inventories, said businesses.
Hanoi (VNA) – Vietnam’s rice exports are predicted torea♏ch just 6 million tonnes this year, lower than last year's figure due to limitedsupply and inventories, said b𝔉usinesses.
According to the Ministry of Agriculture and Rural Development, Vietnamexported only 400,000 tonnes of rice worth 203 million USD in January 2023, down20.9% in volume and 17.4% in value year-on-year. Do Tran Hoan, member of the Members’ Council of the Vietnam NorthernFood Corporation, said Vietnam earned over 3.4 billionUSD from exporting 7.1 million tonnes of rice last year, up 13.83% in volume and morethan 5% in value. Vietnam shipped over 3 million tonnes of rice to the Philippineslast year, accounting for 45% of the country’s total rice exports and more than80% of the Philippines’ rice imports, he said. If the Philippineshas high inventories, its import demand will drop. Moreover, Vietnam’s rice inventories had slumped as of late 2022, resulting in lower rice export volume this year, he said. Unless the number of Vietnamese rice exporters to China increases,it is unlikely that more opportunities will open up following the COVID-19 pandemic, saidanalysts. Hoan said Vietnam tends to export more jasmine and high-qualityrice as countries have demand to stock more food due to the impacts of climatechange. About rice export prices, Chairman of the Board of Directors andGeneral Director of Intimex Group Do Ha Nam said pricesgenerally will increase due to rising consumption demand and political andeconomic instability caused by the prolonged conflict between Russia and Ukraine./.
Vietnam is working towards the target of exporting 7 million tonnes of rice this year, heard a forum held by the Ministry of Agriculture and Rural Development (MARD) on November 19.
Vietnam’s rice export is forecast to continue reaping successes this year as the world's rice prices remain high at least in the short term as global economic and political uncertainties have resulted in a high demand for rice reserves, according to experts.
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Illustrative image (Photo: VNA) 
