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Last updated: Friday, October 20, 2017

 

Vietnam Ups 2017 Rice Export Forecast on Rising Demand

Posted: Friday, September 15, 2017

Photo: VGP/VFA
Photo: VGP/VFA

Vietnam Food Association has raised Vietnam’s rice export forecast for this year to 5.6 million metric tons from 5.2 million tons on rising demand, the government said Friday.

Rice exporters in Vietnam received orders for 842,000 tons in August, up by more than three times from the previous month and 115% higher than in the same month last year, the government said in a statement. The orders came from clients in China, the Philippines, Africa and Australia.

According to data from the Vietnam Food Association, the country, the world’s third largest rice exporter, exported 3.8 million tons of rice in the first eight months of this year, with value totaling $1.66 billion, free on board, up 17.7% in volume and up 16.6% in value from a year earlier.

For the January-August period, exporters signed contracts for 5.1 million tons of rice, up 18.8% year-on-year, with more than 1.2 million tons are yet to be delivered, according to the association.

Demand for Vietnamese glutinous rice from China has also been on the rise, the government said in the statement, adding that price of glutinous rice exported to China has risen to $450 per ton, from $420 per ton at the beginning of August.

China, Bangladesh and the Philippines will continue to be Vietnam’s key rice markets for the rest of the year, Vietnam Food Association chairman Huynh The Nang was quoted as saying in the statement.

“With the current market conditions and the orders signed in August, rice exports in the fourth quarter are forecast to rise strongly,” Mr. Nang said. “Export volume will likely reach 5.6 million tons in 2017.”

VTK








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