Photo for illustration. (Source: baodautu.vn)

VOV News reported that rice exports continue to represent a bright spot among Vietnam’s agricultural exports after maintaining remarkable growth in value since the start of the year, with the export price increasing significantly as a result of improvements made to quality.

Most notably, Vietnamese rice has seen a number of positive increases in terms of price with 5% broken white rice being traded from USD470 per ton in mid-October to between USD485 and USD490 per ton during the last week of October.

Despite experiencing a decline in relation to export volume, the export value of the products has significantly increased due to various types of high-quality rice being capable of meeting the stringent requirements placed on them by demanding markets, coupled with the global increase in demand for rice amid the novel coronavirus (COVID-19) threat.

According to the latest information released by the Vietnam Food Association, the Asian rice market has started to heat up again as several potential customers, including China, Bangladesh, and the Philippines are rushing to purchase these items. For example, China is actively purchasing rice from major suppliers such as Pakistan and Thailand, in addition to the nation.

Moving forward, the Ministry of Agriculture and Rural Development anticipates that rice export volume will reach over 6 million tons this year.

According to reports compiled by large corporations and enterprises such as Loc Troi, PAN, and Trung An, the export orders of local high-quality rice to the EU market are projected to increase in the short term due to the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA)./.

BTA