Indian Queen Basmati Rice by Bharat Industrial Enterprises Limited
Indian Queen Basmati Rice by Bharat Industrial Enterprises Limited

According to the Vietnam’s Ministry of Agriculture and Rural Development, rice export volume was estimated to reach 4.54 million tons till the end of November 2016, dropping 25 percent compared to the same period last year. Value was down 20 percent. Most rice exporters and agencies have failed to reach their export targets with a huge volume of rice in stock. This despite the Vietnam’s government initiative to give the assistance to the provinces hit by the floods and extreme weather. Nearly 6,900 tonnes of rice is being provided for the central provinces of Nghe An, Ha Tinh and Quang Binh to support people affected by storms and floods this year, Vietnam News Agency (VNA) reports. Nearly 3,960 tonnes has been allocated to Quang Binh province to help flood victims. More than 908 tonnes and 2,005 tonnes of rice has been respectively provided for Nghe An and Ha Tinh to aid those affected by Tropical Storm and floods in September this year.

Vietnam is the world’s third-biggest rice exporter after India and Thailand. The fall in Thai rice prices has raised concerns among Vietnamese rice exporters and they may have to sell their stocks soon to free up their warehouse space in preparation for the next crop. The Vietnam Food Association has been forced to lower this year export target to 5.7 million tons, a reduction of 800,000 tons over initial plan set for 2016. However experts are apprehensive of these adjusted targets as well and said that the country was unlikely to reach the new rice export targets. At present China is the largest rice import market of Vietnamese rice.

LEAVE A REPLY