Thứ Tư, 25/01/2017, 13:09 (GMT+7)
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Vietnam's rice exports continue to face difficulties in 2017

Exports of Vietnamese rice will continue to encounter many difficulties in 2017 with a total export volume of over five million tonnes, equivalent to or slightly larger than the volume in 2016.

Photo for Illustration (Pho to: Thai Thien).
Photo for Illustration (Pho to: Thai Thien).

This information was released at the conference held by the Vietnam Food Association (VFA) in Ho Chi Minh City on January 23.

VFA General Secretary Huynh Minh Hue said the global rice inventory in 2017 is forecast to climb to a record high since 2001 with inventory hikes in rice-importing countries and inventory decreases in the main exporting countries, resulting in the fall in rice imports and rice purchase contracts.

In Vietnam, rice traders posted an inventory of 443,000 tonnes in 2016, in addition to the upcoming crop to be harvested, creating an abundant supply which will likely pull down the price and consumption of rice.

In addition, ASEAN countries including the Philippines, Malaysia, Indonesia and others imported only 10% of their annual volumes from Vietnam, while the volumes in previous years were 2-3 million tonnes.

VFA President Huynh The Nang said the volume of rice exports to China, Vietnam's largest import market, will not be the same as in previous years, as only 22 Vietnamese enterprises are allowed to export to China under many strict regulations.

Amid challenges in rice exports, the VFA suggested the Ministry of Agriculture and Rural Development propose the Government store rice from the upcoming crop to stabilise the price of rice and ensure profits for rice growers.

Vietnam reported a total rice export of approximately 4.9 million tonnes worth US$2.1 billion in 2016, a sharp decrease of 25.5% in terms of volume and 20.5% in term of value compared to 2015.

(Source: NDO)

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