Rice outlook takes positive turn
(VOV) - At an online briefing on October 5, Vice President Huynh Minh Hue of the Vietnam Food Association (VFA) said there are some bright spots on the horizon for rice exports.
Hue said Vietnam has recently been awarded contracts to supply 450,000 metric tons of rice to the Philippines and another 1 million metric tons to Indonesia that should provide for stable growth through January of 2016.
Hue reported the price of rice was up slightly in September compared to August and the trend is expected to continue inching its way up in the foreseeable future.
However, the rising demand for exports will pose problems for domestic exporters as they attempt to balance it against the domestic demand due to the lower than anticipated winter-autumn crop harvest of 1.5 million metric tons.
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Deputy Minister of Industry and Trade Tran Tuan Anh in turn said the ministry will coordinate with pertinent agencies to fulfil the rice export target and ensure farmers’ income and businesses’ profits.
According to the VFA, Vietnam exported more than 4.3 million metric tons of rice in the first nine months of this year fetching US$1.95 billion in revenue, down 9.12% in volume and 14.3% in value over the corresponding period last year.