Vietnam's rice export revenue increased 18.9% in the first five months

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Vietnam exported a total of 2.9 million tonnes of rice in the first five months (Photo: VNA)

Vietnam exported a total of 2.9 million tonnes of rice in the first five months of 2020, bringing in US$1.41 billion, an increase of 5.1% in volume and 18.9% in value.

According to the Ministry of Industry and Trade (MOIT), Vietnam is seeing plenty of opportunities to outstrip Thailand in rice exports this year thanks to more competitive prices and a strong rally in shipment volume after the removal of the export quota.

During the first four months of 2020, the Philippines was the largest buyer of Vietnamese rice, purchasing 902,100 tonnes for US$401.3 million, up 11.4% in volume and 26% in value.

Vietnam also saw substantial increases in rice shipments to China, Indonesia, Taiwan (China) and Ghana, but exports to the Ivory Coast fell sharply by 44.5%.

As Vietnam fully resumed rice exports from May 1, prices of the Vietnamese grain during the month rose to the highest level for years, reaching an average of US$527 per tonne, up 5.6% from the previous month and 21.4% compared to a year earlier.

Vietnamese rice prices in the first five months of 2020 averaged at US$485 per tonne, up 13% compared with the same period of last year.

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