Vietnam exported 1.85 million tonnes of rice worth over $980 million in the first three months, up 23.4% in quantity and 34.3% in value year-on-year. Photo: VnEconomy

The country was the biggest importer of Vietnamese rice in the reviewed period, making up 48.2% in volume and 45.9% in value, followed by China, Indonesia, Malaysia and Ghana, according to the General Department of Vietnam Customs.

The customs agency also reported that Vietnam exported 1.85 million tonnes of rice worth over $980 million in the first three months, up 23.4% in quantity and 34.3% in value year-on-year.

Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development (MARD), said rice output in the Mekong Delta alone is projected to reach 24 million tonnes this year, according to VietnamPlus.

Vietnamese rice will likely continue to be sought after in the second quarter as demand has been on the rise in major markets like the Philippines, China and Africa, said the Vietnam Food Association (VFA).

Nguyen Ngọc Nam, President of the VFA, said Vietnamese rice has been fetching good prices on the international market despite a gloomy outlook for the global economy as countries look to stock up on food for uncertain times ahead.

Vietnamese rice has been fetching good prices on the international market. Photo: VNA

In addition, major free trade agreements including the European Union - Vietnam Free Trade Agreement (EVFTA) have seen tariffs on Vietnamese rice reduced by as much as 175 EUR per tonne, giving Vietnamese premium rice an advantage in the European markets.

As demand soars, exporters have been trying to purchase additional amounts from farmers to maximise efficiency and profit. However, many have voiced concerns over a lack of capital.

Phan Van Chinh, Director of the Ministry of Industry and Trade (MoIT)’s Agency for Foreign Trade, said the ministry has been working closely with exporters to find solutions to minimising logistic costs and dealing with import/export protocols in international markets.

On the other hand, the ministry said it is to keep a close watch on the amount of rice being exported to ensure the country's food security.

Vietnam shipped abroad 7.1 million tonnes of rice valued at $3.45 billion. Photo: VNA

In an earlier development, the State Bank of Vietnam (SBV) has ordered commercial banks to review and streamline the borrowing process for rice traders to help them access additional capital sources.

Last year, Vietnam shipped abroad 7.1 million tonnes of rice valued at $3.45 billion, of which 3.2 million tonnes were exported to the Philippines.

Bangkok Post said, the Philippine National Food Authority (NFA) has recently proposed importing 330,000 tonnes of rice to cover an expected deficit in its buffer stock.

The move was made as the Philippine government wants to curb the cost of the staple grain and limit upwards inflation pressure./.

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