HANOI: Vietnam exported an estimated 1.28 million tons of rice in the first three months of the year, earning US$570 million. But the exports were 18 percent lower in volume and 17.3 percent lower in value compared to the same period last year. This was reported last week by the Ministry of Agriculture and Rural Development.
China remains Vietnam’s largest rice importer, with a market share of 36 percent, followed by the Philippines with nearly 25 percent market share. The export drops were strongest in Ghana, Hong Kong and Malaysia.
Currently, the price of Vietnam’s 5-per-cent broken rice ranges from $350 to $355 per ton, down $5 against last week (according to FOB prices at Sài Gòn Port). This decreasing price is due to a larger winter-spring crop.
At the beginning of this year, the Ministry of Industry and Trade repealed regulations limiting rice exporters because they were considered detrimental to the growth of the rice export sector.
The ministry expects to create a healthy market for enterprises investing in rice production and trade, and to ease farmers’ difficulties by boosting high-quality rice exports.