India Queen Basmati Rice
India Queen Basmati Rice

Huynh The Nang, Chairman Vietnam Food Association said that he could see positive signs in the rice market after a big demand from importers like China

He said this year Vietnam could export around 5 million tons of winter-spring rice crop including 700 tons of rice from last year’s stock .

Till date Vietnam’s Business man have signed several contracts to export around 1 million tons of rice.

Vietnam has got a big order from China to sell 3.5-4 million tons, including 1 million tons of rice from cross-border.

Nang noted that the Chinese market has heated up again as the government has granted rice import quotas to Chinese businesses

A report from the Industry and Trade Information Center shows that Vietnam’s rice export has decreased by 11.72 % in terms of Export Volume and 12.86% in terms of turnover this January as it has exported 325,621 tons of rice, worth $153.23 million.

Vietnam’s 5% broken rice was quoted at $376 per ton from $401 per ton in January 2014, while the price of 25 percent broken rice exports to $380 per ton.

The rice prices in domestic market have gone slightly up after the government -initiated campaign to buy rice to store. After 10 days of this campaign the Vietnam’s prices have been increased by VND300 per kilo.

Experts have criticized the campaign for increase in the rice prices. They said that the country’s exporter companies are collecting the rice to export 240,000 tons to Malaysia.

Recently Vietnam has won a bid to export 300,000 million tons of rice to Philippine and also China has placed a big order of rice purchase from Vietnam.

In 2014, Vietnam exported 6.32 million tons of rice, earning 2.8 million USD, to become the third largest rice exporter in the world, after Thailand and India, according to VFA.