Vietnam increases rice exports to ensure balance in the world market

DNHN - According to the Department of Import-Export, India's implementation of a policy to limit rice exports will have a significant impact on the global rice market.

After being informed by the General Department of Foreign Trade of India, the Import-Export Department of the Ministry of Industry and Trade has sent a written request to the rice exporters and the Vietnam Food Association to take the necessary actions. On July 20, the export of all white rice will be prohibited. According to the Department of Import-Export, India's implementation of a policy to limit rice exports will have a significant impact on the global rice market.

Afin de faire face à cette nouvelle situation, the Import-Export Department suggested that the Vietnam Food Association and large industry enterprises, such as the Northern Food Corporation and the Southern Food Corporation, lead members, particularly businesses, in the organization of the purchase and consumption of rice and commodity rice. The purpose of this measure is to ensure benefits for rice farmers by current policies, while also enforcing the government's export regulations on rice. It is essential to maintain a minimum level of circulating reserves to maintain a balance between export and domestic consumption, thereby stabilizing rice and rice prices on the domestic market. This reduces the impact of India's rice export ban on domestic and international markets.

Additionally, the Import-Export Department emphasized that rice export businesses must actively monitor market conditions. They must organize production and export plans accordingly and ensure the effectiveness of exports. Simultaneously, strictly implement the periodic reporting regime for rice quantities, rice stocks, and the status of signing and executing rice export contracts. This helps to optimize the consumption and export of rice, minimizing the negative impact on the international market.

Experts have predicted that India's ban on rice exports could significantly increase global rice prices. This could present an opportunity for other rice-exporting nations, such as Vietnam, to increase exports and satisfy global demand. Vietnam requires close coordination between the Import-Export Department, the Vietnam Food Association, and industry businesses to fully capitalize on this opportunity. Vietnam's rice export industry cannot confidently and effectively face new global market challenges without consensus and unity.

Given that India's decision has a significant impact on the rice export market, the proposal of the Import-Export Department and the close cooperation of the Vietnamese food industry will ensure the country's balance and stability. the global rice market while maintaining Vietnam's position in the international market.

Mr. Nguyen