Many positive signals for Vietnam's rice exports in the second quarter of 2023

DNHN - Vietnam's rice export situation will remain stable in the second quarter of 2023 as a result of numerous positive signals, such as the requirement of some countries to import large quantities of food for storage and incentives from the free trade

According to the Vietnam News Agency, the Vietnam Food Association reported that the country's rice export situation improved in the first quarter and will remain stable in the second quarter of this year. It is anticipated that the export price of rice will remain high due to the impact of economic and political unpredictability and the increased demand of countries for food reserves.

By the EU-Vietnam Free Trade Agreement (EVFTA), Vietnam is permitted to export 80,000 tonnes of rice to the European market. When Vietnamese businesses fulfill the specified requirements, they are eligible for a tax exemption of 175 euros per tonne.

The Philippines, China, and several African nations are also planning to import rice in large quantities for food storage.

In the future, the Ministry of Industry and Trade will continue to monitor and update the market situation, as well as be proactive in trade promotion activities to support exporting companies.

Earlier, at the end of March 2023, the State Bank also sent a written request to credit institutions and state bank subsidiaries in provinces and localities in the Mekong Delta region, requesting that they facilitate the operation of businesses. financing for rice and rice production, processing, and commerce.

Several solutions are proposed to facilitate internal processes and procedures and reduce the time required for loan approval; diversify appropriate credit products...

According to Vietnam customs statistics, the total rice export turnover in the first quarter of 2023 exceeded $900 million with more than 1.7 million tonnes of rice, an increase of more than 19% in volume and more than 30% in value compared to the same period in 2022.

According to a report cited by the VNA from the Department of Crop Production (Ministry of Agriculture and Rural Development), the Mekong Delta provinces account for the majority of exported rice.

If the rice production in this region is estimated to be 24 million tonnes this year, the Mekong Delta and Ho Chi Minh City will consume approximately 10.8 million tonnes. There will be an estimated 13,2 million tonnes of rice for export this year, which is equivalent to 6.6 million tonnes of rice.

TH