Rice exports continue to thrive: the benefits of changing to high-end goods
- 178
- Business
- 19:32 26/05/2022
DNHN - Changing the structure of export rice from low-grade to high-grade is one of the benefits that contribute to the continued growth of rice export value.
As the Ministry of Industry and Trade explains, one thing that has helped rice export value grow so much in recent years is an effort to move from low-grade rice to high-grade rice.
Rice's progressively enhanced quality appeals not just to "picky" markets such as the United States, Europe (EU), Japan, and Korea, but also to nations in the bloc with a need for rice imports. ASEAN. Fragrant rice, Vietnamese rice varieties like ST24, ST25, and Jasmine, have taken over these markets.
Vietnam is expected to send at least 60,000 tons of rice to the EU market in 2022. Most of the rice will go to countries like Germany, Italy, and Poland.
To carry out the process of changing the rice structure into high-quality goods, Vietnam's area planted with high-quality rice has expanded from 35–40% of the rice production structure to 75–80% (by 2020). This method has rapidly increased the price of Vietnam's rice exports.
Vietnam's rice export structure is also shifting in favour of more fragrant rice, speciality rice, japonica rice, and high-grade white rice with higher selling prices and added value.
Currently, more specialized types of fragrant rice are being grown for export. This explains why, although the price of Vietnamese rice is greater than that of certain traditional exporting nations, global customers continue to sign contracts to buy Vietnamese rice.
The reduction of the rice export objective, which is estimated to be just 4 million tons by 2030, requires Vietnam to examine the import demands of each ASEAN market and identify the markets that consume rice. Low-cost items, high-quality rice, and aromatic rice are all available in a high-priced market.
Simultaneously, emphasis on trade strategies with regional nations, taking full use of the benefits of FTAs between ASEAN and global partners.
Hong Ha
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