HCMC – Prime Minister Pham Minh Chinh has directed the Ministry of Finance to accelerate tax refunds for Vietnamese rice traders and exporters, aiming to support the industry amid declining export prices and demand.
Despite stable rice production and exports in recent years, major markets have become more cautious in purchasing since early this year, leading to a drop in both export volumes and prices.
Meanwhile, domestic rice prices during the ongoing Winter-Spring harvest in the Mekong Delta remain significantly lower than in the same period last year.
To stabilize supply and demand, promote sustainable exports, and protect farmers and businesses, the Prime Minister urged authorities and enterprises to closely monitor market trends and take proactive measures.
He instructed the Ministry of Finance to expedite tax refunds for rice exporters while ensuring smooth customs clearance and fair trade practices.
The ministry has also been tasked with strengthening oversight of import-export activities to maintain market transparency and developing a national rice reserve purchase plan for 2025 to mitigate price fluctuations.
The Ministry of Industry and Trade will lead the implementation of Vietnam’s rice export market development strategy through 2030 and coordinate with relevant agencies to oversee rice trade.
According to the Ministry of Agriculture and Environment, Vietnam exported 1.1 million tons of rice worth US$613 million in the first two months of the year.
While export volume saw a slight increase, revenue dropped by 13.6% year-on-year. The average rice export price during this period was estimated at US$553.6 per ton, an 18.3% decline from the previous year.
As of early March, export prices were recorded at US$310 per ton for 100% broken rice, US$393 per ton for 5% broken rice, and US$367 per ton for 25% broken rice.
