Positive signal for Vietnam's rice exports

The Vietnam Food Association (VFA) estimated that Vietnam’s rice exports in 2020 exceeded US$3 billion, more than 10 percent higher compared with 2019. The export price increased highly, the average export price of the whole year estimated at US$499 per tonne (up 13.3% compared to 2019).

The VFA is forecasting good rice export results for 2021 as major export markets of Vietnamese rice, such as the Philippines and Africa, continue signing purchase contracts. Right from the beginning of the year, shipments of 1600 tons of Vietnamese rice were exported to Singapore and Malaysia with prices up to 750 USD/ton. Besides, there are also opportunities for Vietnamese rice to penetrate markets that have signed FTAs with Vietnam such as the UK-Vietnam Free Trade Agreement (UKVFTA) and the FTA between Vietnam and the Eurasian Economic Union (EAEU). On January 26, Vietnam's rice exports received the good news when 60 tons of fragrant Vietnamese rice began to appear and were sold at supermarkets in the UK at very high prices, up to 15,5 pounds/10 kg (465,000 VND / 10kg). This is a positive signal that UKVFTA brings when Vietnamese businesses have initially grasped and taken advantage of the opportunity to bring Vietnamese rice to the UK market.

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