Rice export goal raised to 5.6 million tonnes this year

Illustrative image (Source: VNA)

Ho Chi Minh City (VNA) – The Vietnam Food Association (VFA) revised up the goal of rice export to 5.6 million tonnes this year from the 5.2 million tonnes set in July thanks to a strong rise in contracts signed during August and positive signs of the market. 

In the first eight months this year, the country exported more than 3.8 million tonnes of rice with free on board (FOB) value of 1.66 billion USD, up 17.7 percent in volume and 16.6 percent in value, respectively, on a yearly basis. 

August saw a surge of 70 percent in volume and 56.8 percent in FOB value of rice shipments. 

During the eight months, businesses signed export contracts amounting to 5.1 million tonnes, more than 1.2 million tonnes of which are yet to be delivered. 

Positive signals were also seen in the shipment of glutinous rice to China. 

Dang Thi Lien, Director of the Long An food company, said China has demand for 300,000 tonnes of glutinous rice between now and the year’s end while Vietnam can meet only 20-25 percent of them so export prices could continue to rise later this year. 

Export of jasmine rice has also performed well. 

VFA Chairman Huynh The Nang said China, Bangladesh and the Philippines remain potential rice importers of Vietnam. 

Apart from African countries, new markets such as Iran, Iraq are likely to buy Vietnamese jasmine rice while japonica rice is gaining more popularity in Australian continent and China