India loosens rice exports, Philippines buys another half million tons, what will happen to Vietnamese rice at the end of the year?

Vietnam Food Association believes that even if India exports rice again, Vietnamese rice will not be affected - Photo: CHI QUOC

Given the above story, what will happen to the price of Vietnamese rice, the opportunities for Vietnamese rice, and the business activities of rice exporting enterprises, when the journey to the end of the year is only a few months away, has received much attention.

On September 17, speaking with Tuoi Tre Online , Mr. Nguyen Ngoc Nam, Chairman of the Vietnam Food Association (VFA), affirmed that India's loosening of rice exports still does not affect Vietnamese rice, but increases opportunities for the industry when the Philippines increases its rice import demand compared to the plan at the beginning of the year.

Mr. Nam said: "Due to high demand, Indonesia, the Philippines, and Malaysia have increased their import demand compared to the plans these countries made at the beginning of the year.

Vietnamese rice has a greater chance of becoming stronger towards the end of the year. In addition, whether India bans rice exports or resumes exports, it will not affect the market because the quality segment of Indian rice is different from that of Vietnam and Thailand."

Mr. Nam also gave figures for comparison, specifically rice exports in the first 8 months of this year reached more than 6.15 million tons, bringing in 3.85 billion USD.

Meanwhile, rice output according to data from the Ministry of Agriculture and Rural Development is expected to be exported in 2024 at about 7.6 million tons.

"There are only 4 months left until the end of the year. From the planned 7.6 million tons, 6.15 million tons have been exported. So there are about 1.45 million tons left and we can ensure that all rice is consumed for farmers at good prices," Mr. Nam said.

Agreeing with this opinion, a rice exporting enterprise in Can Tho said that Indonesia's invitation to bid is an opportunity for Vietnamese rice and India's loosening of rice exports still has no impact on the Vietnamese rice industry.

"Because Vietnam has quality rice, the price is very competitive. In international rice tenders, Vietnamese rice always dominates and wins. But not only in Indonesia, but also in the Philippines and other markets, Vietnamese rice needs to diversify its products to have many "doors" to enter.

When this market fluctuates, businesses with diversified products will be more proactive, maintaining the position of Vietnamese rice," he said.

Vietnam's rice exports "brightest" in 2023

According to the General Department of Customs, in the first 8 months of this year, rice exports reached more than 6.15 million tons, bringing in 3.85 billion USD.

Compared to the same period last year, it increased by 5.8% in volume and 21.7% in value. Rice exports increased slightly in volume but increased sharply in value due to the average export price of rice increasing by 14.8% compared to the same period in 2023, to 625 USD/ton.

The top main export markets of Vietnamese rice are: Philippines, Indonesia, Malaysia and China.

Assessing the brightest year in rice export, Mr. Nam believes that the "brightest" year is 2023, and only falls in the last 6 months of the year.

"Rice exports, in terms of value, this year are higher than last year. Because last year was a special case, when India suddenly stopped exporting, all Vietnamese rice was exported, in large quantities.

2024 is a full export year, prices do not go up or down, do not fluctuate much, rice farmers grow well. In terms of price, the average price in 2024 is higher than last year," said Mr. Nam.

Source: https://tuoitre.vn/an-do-noi-long-xuat-khau-gao-philippines-mua-them-nua-trieu-tan-cuoi-nam-gao-viet-nam-se-ra-sao-20240917130023426.htm