ex. Game, Music, Video, Photography

World loses its appetite for pricey Vietnamese rice

Rice exports are likely to wilt into the fields this year unless global tastes change.

Ngày đăng: 20 tháng 9, 2021
Cập nhật: 17 tháng 1, 2023
Lượt xem: 327836608
Nguồn: vnexpress

Slowing overseas demand is putting the brakes on Vietnam's rice exports this year, industry players say.

Indonesia, one of the country's key export markets, has said it has no plans to import any of the grain from Vietnam this year, and a government agreement with the Philippines to supply three million tons is unlikely to remedy the situation.

The agreement with the Philippines is not a contract, and can be subject to negotiations with importers. Last year, Vietnam shipped only 396,000 tons of rice to the Philippines, a plunge of 65 percent from 2015, based on government data.

The Philippines is forecast to import 1.4 million tons of rice in 2017, a jump of 75 percent from last year, the U.S. Department of Agriculture (USDA) said in a February report.

"Vietnamese rice prices are very high now, making the grain uncompetitive against Thai rice," a Vietnamese trader with a European firm based in Ho Chi Minh City said.

Vietnam's 5-percent broken rice stands this week at $350-$355 a ton, free-on-board Saigon Port basis, up nearly 4 percent since the end of 2016, while Thailand offers a similar grade for $353-$355 a ton. 

Buyers, mostly in Asia, followed by Africa and the Middle East, would only consider the grain if it is offered about $10 a ton below Thai rice of the same variety, traders said. 

Indonesia, Vietnam's fourth-biggest rice market last year, will not import rice this year given an expected surplus and efforts to stabilize rice prices by increasing local procurement, the Jakarta Post reported.

Indonesia is projected to produce 80 million tons of paddy, or unhusked rice, this year, above its demand of 60 million tons, the newspaper cited Indonesia's Agriculture Ministry as saying.

But Indonesia's decision not to import rice this year remains questionable. The USDA still projects Indonesia will import 1 million tons of rice this year, down from 1.1 million tons in 2016.

"Even if Indonesia does decide to import rice this year, it will not focus on Vietnam," a Ho Chi Minh City-based trader said. 

Rice exporters say they are facing problems with mounting stockpiles, while the Mekong Delta's winter-spring crop harvest is expected to peak from next month. The crop is the largest of three crops planted in the delta every year, with grain mostly used for exports due to its high quality.

Rice export firms had nearly 1 million tons in stock at the end of January, while sales abroad were slowing, the Vietnam Food Association said.

Rice exports fell 32 percent last month from January 2016 to 325,000 tons, according to data from the agriculture ministry.

The association projects Vietnam's rice exports this year will reach around 5 million tons. Last year, the volume fell to 4.8 million tons, the lowest level since 2008.

In contrast, the USDA has forecast a rebound in Vietnam's rice shipments this year to 5.8 million tons, leaving the country in third place behind India and Thailand.

"This is based on improved prospects to Asian markets such as the Philippines, where quantitative restrictions are set to expire later this year," it said in its February report.

Late last year, the Philippine government said it would not seek a further extension of the so-called quantitative restrictions on rice due to expire in June 2017 and will allow higher rice imports, Reuters reported.

Related news:

Philippines keeps door open for Vietnamese rice

Another gloomy year forecast for Vietnam’s rice exports

Vietnam’s rice exports may continue slide in 2017


Từ vựng liên quan

Tin tức liên quan

#whyVietnam: Social media campaign comes alive with ravishing travel photos
travel-life 25/09/2021

#whyVietnam: Social media campaign comes alive with ravishing travel photos

travel-life | 338566605

Celebrities and travelers share their best snapshots of the country as part of an initiative to promote Vietnam as a destination.

Curbing pollution can prevent 3 mln Chinese deaths a year - study
world 23/09/2021

Curbing pollution can prevent 3 mln Chinese deaths a year - study

world | 335746606

'Adopting and enforcing tighter air quality standards in China will bring about tremendous public health benefits.'

 Fitness industry grows as Vietnam becomes body conscious
business 27/03/2021

Fitness industry grows as Vietnam becomes body conscious

industries | 107966667

With interest in fitness activities picking up in Vietnam, gymnasium chains are earning big bucks.

 Vietnam opens first functional food factory that meets European standards
business 10/05/2021

Vietnam opens first functional food factory that meets European standards

business | 204006646

The factory of Savipharm uses dust-free, non-exposure technology, and is controlled using Scada system.

Masan Group sets sights on branded meat
business 21/09/2021

Masan Group sets sights on branded meat

companies | 331056597

Vietnamese food and agricultural giant Masan has renamed a subsidiary to focus on selling branded pork products.

 Vietnam protests over Chinese live-fire drill in seized island
news 01/05/2021

Vietnam protests over Chinese live-fire drill in seized island

news | 196706659

The objection came just several days after Hanoi bristled at Beijing’s military exercises in the Gulf of Tonkin.

Vietnam a global bright spot in electronics production
business 16/09/2021

Vietnam a global bright spot in electronics production

economy | 317916599

Vietnam stands to benefit from its emergence as a global bright spot in electronics production with some index scores exceeding China and India.

Blue chips help drive VN-Index up 4 points
business 13/09/2021

Blue chips help drive VN-Index up 4 points

economy | 309776594

The VN-Index gained 4.15 points, or 0.44 percent, to reach 956.41 points Friday, driven by gains in most of Vietnam’s blue chip stocks.

 Vietnamese cryptocurrency miners fear bust imminent, rush to sell gear
news 13/04/2021

Vietnamese cryptocurrency miners fear bust imminent, rush to sell gear

news | 186706645

Cryptocurrency miners in Vietnam are scrambling to sell out their equipment fearing an imminent bursting of the "bubble."

Can Tho to pilot overnight services to bolster tourism
travel 26/09/2021

Can Tho to pilot overnight services to bolster tourism

places | 339576609

Authorities in Mekong Delta economic hub Can Tho on Wednesday approved a plan to pilot night-time services in Ninh Kieu District.

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý
Loading…