Rice exports thrive in new year

(VOV) - Rice exports have thrived from early this year as the signed contracts remain effective while import demand is high.

Huynh The Nang, president of the Vietnam Food Association (VFA) said around 500,000-600,000 tons of rice will be delivered under the futures contracts and 200.000 tons under the commercial contracts that Vietnamese businesses signed in the first quarter of this year.

Meanwhile not much rice remains in stock as previous years. This is good news for rice exports early this year, Nang said.

He forecast that rice exports in the first half of this year will prosper as major importers like the Philippines, China, Indonesia and Malaysia will soon sign rice import contracts to stabilise food supplies and cope with possible drought impact caused by El Nino.

Earlier, the Philippines National Food Authority has announced its plan to buy at least 50,000 tons of rice from Vietnam and Thailand while the Indonesian Government planned to purchase around 350,000 tons of rice in the first quarter of this year.

China will remain an important importer of Vietnam rice not only in 2016 but also in the coming years.

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