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Vietnam rice market update: Over 160 merchants eligible to export rice 

 Wednesday, January 31,2024

AsemconnectVietnam - As many as 161 merchants had been granted certificates of eligibility for exporting rice as of January 22, decreasing from mid-2023, reported the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).

Ho Chi Minh City has the largest number, 36, one fewer than the list released last October. It is followed by Can Tho city with 34, Long An province 22, Dong Thap province 15, and An Giang 14. Some provinces have only one certified merchant, including Ha Nam, Hau Giang, Khanh Hoa, Lang Son, and Thanh Hoa. The number of traders eligible for rice export in the latest list decreased considerably compared to the August 2023 list that comprised 210, which later fell to 170 in October last year, statistics show. The Foreign Trade Agency said that in 2023, the MoIT played a good advisory role in the governance of rice export, helping gain positive export results, ensure high prices for farmers, and guarantee food security.
Nearly 15,500 tonnes of rice allocated for 17 provinces
Seventeen provinces across the country will be provided with nearly 15,500 tonnes of rice to allocate for local residents during the upcoming Tet (Lunar New Year) holiday and the between-crop period in early 2024, said Deputy Director of the General Department of State Reserves (GDSR) Nguyen Thi Pho Giang at a press conference held on January 22. The volume includes 12,876 tonnes of rice for 17 provinces during Tet and 2,618 tonnes of rice for five provinces, namely Gia Lai, Kon Tum, Quang Binh, Dak Lak and Dak Nong, during the between-crop period.
As of January 18, over 3,545 tonnes of rice were handed over to Soc Trang province, the GDSR said, adding that the rice inventory is enough for localities in unexpected and urgent situations and during Tet.
Rice exports soar to new record in 2023
The export volume of Viet Nam’s 5-percent broken rice rose to a 15-year peak of 8.3 million tons, bringing in total revenue of US$4.78 billion in 2023, according to the Ministry of Agriculture and Rural Development. The total rice output in the country increased by 1.9 percent to 43.5 million tons, said the ministry.
Export prices averaged US$663 per ton as a result of high demand, it added.
Big surge from strong downturn in global supply
Looking back to 2023, geo-political fluctuations strongly impacted the rice market with disrupted food and input material supply.
In addition, the El Nino phenomenon, which posed a risk of contraction in food production, triggered some countries’ concern over supply for domestic demand.
The suspension of grain export by countries such as India, the UAE, and Russia also caused big supply pressure, thus mounting concern in the global food market.
However, as a leading exporter of farm produce, particularly rice, Viet Nam still managed to guarantee national food security and export growth.
Public-private partnership highlighted in high-quality rice production project
Effective public-private partnership and support from partners are key to the success of the project on developing 1 million hectares of high-quality, low-emission rice linked with green growth in the Mekong Delta region by 2030, Minister of Agriculture and Rural Development Le Minh Hoan said at a talk on January 30.
Speaking at the on-line talk on the role of public-private partnership and innovation in implementing the major rice production project in the Mekong Delta, Hoan said to implement the project, Vietnam needs to mobilise resources and technical advances. One of the important tools is the "Food Innovation Hub Vietnam” (FIHV) which was established under an initiative of the World Economic Forum to link domestic innovation networks and international ones, and promote the use of digital technology to develop smart agricultural value chains.
He said the FIHV will help expand the scale and accelerate the transformation process of Vietnam's agricultural sector in particular and the economy in general to become a green, sustainable, and low-emission agricultural powerhouse.
The minister also said that, in addition to efforts from state agencies in developing policies and creating favourable conditions to develop green and sustainable agriculture, the engagement of the private sector, support of international partners, organisations, non-governmental organisations, research agencies, and domestic and international experts are important.
T.Huong
Source: Vitic/VNA

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