14:02 | 06/05/2015 Trade
Vietnam is implementing a contract on exporting rice to the Philippines while negotiating with Malaysia on the same issue.
In the first four months of the year, the country exported 2.04 million tonnes of rice, earning US$889 million, down in 0.5% in quantity and 5% in value, according to the Ministry of Industry and Trade (MoIT).
The MoIT said the decrease is attributed to an abundant supply source of rice exporters which leads to a fierce competition in the market. Big rice exporters like Thailand and India have high stockpiles of rice. Especially, Thailand is taking drastic measures to export more rice to key markets.
Huynh The Nang, general director of the Vietnam Southern Food Corporation (Vinafood 2) hoped that from late June to early July this year, Vietnam’s rice exporters might gain more markets.
He added that from the beginning of the year, the Philippines has imported 300,000 tonnes of rice from Vietnam and is expected to buy an additional 500,000 tonnes.
Source VOV News