According to the statement issued by the Chairman of the Vietnam Food Association (VFA) that the association is planning to develop a national brand for Vietnam’s rice based on the jasmine type. Further, it was informed that they selected the jasmine rice type because the fragrant rice exports of the country have increased significantly in recent years. The proportion of fragrant rice exports in the country’s total rice exports has increased to 26% in the first nine months of 2015 from a meagre 3% in 2007. In addition, the price of fragrant rice a has also consistently increased to current $600 per ton from about $460 per ton in the past. Further, it was revealed by the Chairman of the VFA that building a national brand will take some time. However, they need to invest in large-scale fields for fragrant rice production to secure stable supply. The VFA is also planning to collaborate with a number of corporate partners to develop such fields.
Further, in this context, according to the data from the VFA it has been indicated that Vietnam exported about 4.35 million tons of rice in January 1 – September 30,2015, which is down about 9% from about 4.8 million tons of rice exported in first nine months of 2014. The average rice export price so far in this year stands at about $420.77 per ton (FOB), which is down about 2.6% per ton from about $432 per ton recorded during same last year. It has also been narrated that export quotes for Vietnam 5% rice have increased during the past month due to new demand from the Philippines. Currently, it stands at around $355 per ton, which is more about 9% from around $325 per ton last month. But, these are still 19% lower from their year-ago level of around $440 per ton.