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Wednesday, June 19, 2024

Agriculture ministry urges rice export boost amid global price surge

The Saigon Times

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HCMC – The Ministry of Agriculture and Rural Development has proposed the Government facilitate stronger rice exports to benefit from rising global prices.

In the proposal submitted to the prime minister, the ministry said Russia’s withdrawal from the Black Sea grain deal and the bans on rice exports by India and the United Arab Emirates States had caused world rice prices to soar.

The ongoing El Nino weather phenomenon, which accelerates saltwater intrusion and causes drought, has also led global rice output to fall.

Vietnam’s rice production is currently stable and the ministry emphasized the role of the country’s rice export sector in global food supply chains. Data from the ministry showed the country’s domestic rice supply is expected to reach 43 million tons of rice.

The proposal outlines specific tasks for relevant ministries, sectors, local authorities, and the Vietnam Food Association to step up rice exports under the current circumstances.

To support the increased focus on rice exports, the ministry recommended monitoring import-export situations, consumer demand, and prices on regional and global markets. The Ministry of Industry and Trade and relevant agencies will be responsible for this monitoring, enabling flexible policy adjustments as needed.

The Vietnam Food Association is tasked with updating world rice market information, demand, and capacities of rice import-export traders, promptly communicating such information to relevant management agencies and the rice production and business community in Vietnam.

The association has also been urged to organize trade promotion activities, particularly for international markets, to boost rice exports, increase market share, and enhance the competitiveness of Vietnam’s rice industry.

The price of Vietnam’s 5% broken rice was selling at US$588 per ton on August 1, reflecting a US$55 increase compared to the price 10 days ago, according to the association.

Customs data showed that rice exports reached US$2.58 billion in July, up by 30% compared to the same period last year. The average rice price during this period was US$534 per ton, a 9.2% increase. The projected rice exports for 2023 are expected to surpass 7.5 million tons, bringing in around US$4.1 billion in revenue.

The Ministry is currently closely monitoring rice production, stepping up efforts to combat pests, and preparing for potential adverse weather conditions to ensure the targeted 43 million tons of rice production is met this year.

It will direct local authorities to supervise rice fields and implement production in line with technical guidelines to achieve the output target.

The ministry also called for local authorities to create favorable conditions for rice producers and businesses, working in coordination to promptly address any obstacles in rice production, circulation, and export.

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