09:36 | 11/06/2015 Trade
Vietnam earned around 875 million USD from shipping nearly 2.1 million tonnes of rice abroad in the first five months of 2015, posting year-on-year declines of 10.7 percent in volume and 13.6 percent in value, according to the Vietnam Food Association (VFA).
Rice bags are loaded onto a ship for shipment (Photo: VNA)
In May alone, the volume of rice exports posted a monthly decrease of 19 percent, mainly as a result of pressure to sell inventory and low-quality rice stemming from Thailand and India, the Nhan Dan newspaper quoted the source as saying.
According to the VFA, the reasons are China’s adjustments to its import quota policies and limited transactions, even across the border, along with selling rice in stock of Thailand and India.
Asia remains the biggest rice importer continent from Vietnam with 1.45 million tonnes, accounting for over 69 percent of the rice export value, followed by Africa and the Americas.
Last month, Vietnam secured a number of important contracts with key markets such as the Philippines, Malaysia and Cuba while increasing its market shares in the Pacific Ocean and Africa.
In 2014, Vietnam exported 6.32 million tonnes of rice and earned 2.8 million USD, becoming the third largest rice exporter in the world after Thailand and India, according to the VFA.
However, the country will face fierce competition in the coming time, which requires active measures to boost sales in traditional and major markets, said the Import and Export Department under the Ministry of Industry and Trade./.