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Tuesday, May 21, 2024

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global supply chains

Hopeful for a bright year

Despite ongoing challenges, business executives have optimistic business plans for 2024, driven by their inherent entrepreneurial spirit. Vietnamese businesses navigated through the highs and lows of 2023. While some industries, like rice, vegetables, and fruits, thrived, others, such as wood processing, textiles, and garments, encountered a difficult year. As we stand on the threshold of the new year 2024, businesses have united around shared objectives and concrete development directions for the new year. Expectations for stable rice prices According to data from the Vietnam Food Association (VFA), Vietnamese rice prices remained high during the first week of 2024. Specifically, 5% broken rice was priced at US$653 per ton, on par with Thai rice prices, while 25% broken rice commanded the highest price globally at US$633 per ton. While high rice prices generally benefit exporters, businesses are grappling with concerns due to limited domestic rice stocks and high purchasing costs. This has led to hesitancy in signing new contracts, fearing insufficient rice for delivery. Pham Van Co, marketing director of VRice Group, disclosed to The Saigon Times that his company exports 18,000-20,000 tons of rice annually, with approximately 40% sourced from its own rice growing areas, equivalent to 8,000-10,000 tons, and […]
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