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Viet Nam follows rice market rules

VGP - Viet Nam complies with the rice market rules in terms of prices and always holds responsible for food security, said head of the Department of Crop Production, under the Ministry of Agriculture and Rural Development (MARD), Nguyen Nhu Cuong.

September 06, 2022 3:55 PM GMT+7
Viet Nam follows rice market rules - Ảnh 1.

Nguyen made the statement in response to the information that Thailand and Viet Nam have agreed to cooperate in raising the price of rice in the global market, following months of talks aimed in part at improving rural incomes.

Viet Nam has joined a number of free trade agreements (FTAs), he said, adding that the country complies with regulations of the FTAs it has signed

The rice volumes of Thailand and Viet Nam account for 10 percent of the world production of paddy rice and around 26 percent of the global rice export. 

Viet Nam exported nearly 4.2 million tons of rice in the first seven months of 2022, up 20.5 percent year-on-year, according to the MARD.

But earnings were only 9 percent higher, at US$2 billion, since global rice prices have fallen by over 10 percent to US$489 a ton on average.

Exports to the U.S. grew fastest at 65.3 percent, followed by the Philippines, Viet Nam's top market, at 48.6 percent.

The country targets to export 6.5-6.7 million tons of rice this year, which is feasible, affirmed Deputy Minister of the MARD Phung Duc Tien.