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Monday, July 22, 2024

Vietnam’s rice export grows strongly in Q1

By T.Dao

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HCMC – Vietnam got over US$900 million from exporting 1.7 million tons of rice in the first quarter, a rise of 30% in value and 19% in volume compared to the same period of last year.

Vietnam’s rice export is forecast to continue positive growth in the second quarter of this year thanks to the high import demand of some countries and the EU-Vietnam Free Trade Agreement (EVFTA).

The Vietnam Food Association said the export price of rice is forecast to remain high due to the increasing food-for-reserve demand in many countries.

The Philippines, China and some African countries also plan to import a large volume of rice for reserve.

In the incoming time, the Ministry of Industry and Trade will follow up with the situation, keep the businesses updated on market information and conduct trade promotions to boost exports.

Late in March this year, the State Bank of Vietnam (SBV), the central bank, requested credit institutions and branches of the SBV in cities and provinces of the Mekong Delta to facilitate administrative procedures, diversify credit products to help businesses get easy access to loans for rice manufacturing, processing and trading.

Rice for export is mainly produced in the Mekong Delta’s provinces, and the country is estimated to export 6.6 million tons of rice this year, said a report of the Department of Crop Production under the Ministry of Agriculture and Rural Development.

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