Viet Nam’s exports were 18 per cent lower in volume and 17.3 per cent lower in value, a sizable drop in Q1, compared to the same period last year. As reported by the Ministry of Agriculture and Rural Development, Viet Nam exported an estimated 1.28 million tonnes of rice in the first three months of the year, earning US$570 million. China remains Viet Nam’s largest rice importer, with a market share of 36 per cent, followed by the Philippines with nearly 25 per cent market share. Surprisingly this is not where the export drops were strongest but in Ghana, Hong Kong and Malaysia that have less market share.
According to FOB prices at Sài Gòn Port, currently the price of Viet Nam’s 5-per-cent broken rice ranges from $350 to $355 per tonne, down $5 from last week. This decrease in price is attributed to the bumper winter-spring crop in the country. Viet Nam’s Ministry of Industry and Trade, in the early this year had repealed regulations limiting rice exporters in any ways as well as were considered detrimental to the growth of the rice export sector as a whole. The ministry strives to create a healthy market for enterprises investing in rice production and trade, and to ease farmers’ difficulties by boosting high-quality rice exports.