Vietnam's rice exports set for promising outlook in 2023-Xinhua

Vietnam's rice exports set for promising outlook in 2023

Source: Xinhua| 2023-02-03 21:13:00|Editor: huaxia

HANOI, Feb. 3 (Xinhua) -- Vietnam's rice exports are expected to rise strongly this year, amid fears of global economic and political uncertainty, lifting demand for the grain, Vietnam News Agency reported on Friday.

Vietnam, the world's third-largest rice exporter, reported a 41 percent year-on-year increase in its rice shipments in the first two weeks this year, to 226,000 tons and earned 115 million U.S. dollars, according to the Vietnam Food Association.

Export revenues of Vietnamese rice are also expected to rise on higher production quality, because free trade agreements are to reduce barriers to Vietnamese exports.

More than 80 percent of rice varieties in Vietnam are fragrant high-quality rice, which is a key driver to increasing Vietnamese rice's value and accessibility to markets, experts said.

Export prices of Vietnamese rice are also expected to rise and return to its peak in 2019 on an increasing demand for rice reserves from several countries.

Unfavorable weather conditions in many countries may affect global food supply, boosting rice imports from China and cutting exports from top rice-producing countries such as India and Pakistan, said analysts at the securities arm of the Bank of Investment and Development of Vietnam.

The Philippines was Vietnam's largest rice export market last year.

Vietnam's rice export grew 15.7 percent to 7.2 million tons in 2022, according to the General Statistics Office. And revenue from rice exports for the year went up 7 percent to 3.5 billion dollars.