Gov’t orders solutions to support rice exporters to EU

The Government has directed the Ministry of Industry and Trade to coordinate with other relevant agencies to support local enterprises exporting rice to the European Union (EU) to make the most of EVFTA,

The ministry will continue cooperating with the relevant ministries and agencies, the Vietnam Food Association and rice traders to develop the market share and promote Vietnamese rice in the EU market and seek new distribution channels.

Gov’t orders solutions to support rice exporters to EU

The Ministry of Industry and Trade will have to direct the competent agencies and Vietnamese trade offices in European countries to continue to review, update and keep a close watch on the demands of these markets and their import policies.

In addition, the ministry must promptly provide information to the Vietnam Food Association and rice traders and cooperate with them to address any possible issues at the earliest.

Regulations on food safety, quality management and traceability in Europe should be provided to enterprises.

The ministry was assigned to coordinate with the Ministry of Agriculture and Rural Development to review and sign agreements on the recognition of rice quality and food safety standards with European markets, facilitating Vietnam’s rice exports.

Regarding trade promotion and branding activities, the ministry should diversify activities to introduce Vietnamese rice to foreign partners and introduce partners that have a demand for rice imports to Vietnamese firms.

It is especially important to work with the relevant ministries and agencies to improve policies to support rice exporters and encourage them to participate in public private partnership projects, global value chains and distribution systems.

Meanwhile, rice traders should apply quality management and food safety models and improve their marketing ability and ability to address trade disputes.

According to the Import-Export Department under the Ministry of Industry and Trade, Vietnam is always among the largest rice exporters in the world.

The country annually ships 6.4-7 million tons of rice to more than 100 countries and territories worldwide. In 2019, Vietnam exported more than 6.3 million tons of rice worth over US$2.8 billion.

 

In the January-September period this year, the figures were 4.99 million tons and US$2.45 billion, respectively. Asia remained Vietnam’s largest buyer with 3.2 million tons, accounting for 66.36% of the country’s total rice export volume.

The Philippines became the major importer of Vietnamese rice with 1.76 million tons, making up 36.14% of Vietnam’s total rice exports. Africa came in second with 0.91 million tons.

The department also stated that rice exports to Europe were modest, at 0.07 million tons, accounting for only 1.39%.

However, some European markets reported a surge in rice imports from Vietnam, such as Spain (up 107.1%), France (up 112.99%) and the Netherlands (up 36.58%).

This will be a good premise for Vietnam to continue grasping opportunities in the EU market as EVFTA has taken effect.

Experts also agreed that EU is a potential market for Vietnamese rice as its demand for rice imports is over two million a year, while Vietnamese rice exports to the region have accounted for a small proportion.

Under EVFTA, the EU provides an annual rice quota of 80,000 tons to Vietnam—30,000 tons of husked rice, 20,000 tons of unhusked rice and 30,000 tons of fragrant rice—and completely liberalizes the trade in broken rice.

Therefore, EVFTA will open up good opportunities for Vietnamese enterprises to diversify markets and boost the export of high-quality rice products.

SGT

Rice harvest season begins in Ta Leng

Rice harvest season begins in Ta Leng

Local ethnic people in the town of Ta Leng, Lai Chau province have been busy harvesting rice in recent days with the area’s terraced fields being covered by a beautiful yellow colour due to the arrival of the rice ripening season.

 
 

Other News

.
Vietnam retail market records $172 billion in 2020
Vietnam retail market records $172 billion in 2020
BUSINESSicon  05/01/2021 

Such growth rate, while remaining lower compared to the 12.7% recorded the previous year, was an encouraging sign for the business community amid global retail market suffering plunge in revenue during the pandemic.

Vietnam’s strong economic recovery to further take Vn-Index to nearly 1,300 in 2021
Vietnam’s strong economic recovery to further take Vn-Index to nearly 1,300 in 2021
BUSINESSicon  05/01/2021 

The fact that interest rates are still very low, will help the local stock markets continue to be an attractive and profitable channel, thereby attracting domestic investor.

Covid-19 costs Vietnam US$19 billion in export revenue
Covid-19 costs Vietnam US$19 billion in export revenue
BUSINESSicon  05/01/2021 

Vietnam could have earned US$300 billion from exports this year but the export revenue stood at just US$281 billion due to Covid-19, said Minister of Industry and Trade Tran Tuan Anh.

Banks report satisfactory business results for 2020
Banks report satisfactory business results for 2020
BUSINESSicon  05/01/2021 

Improving corporate governance and listing shares on the bourse were the major activities of banks in 2020. Digital transformation was also accelerated.

Aviation sector: trying to survive the storm of 2020
Aviation sector: trying to survive the storm of 2020
FEATUREicon  05/01/2021 

2020 was a disastrous year for the aviation and tourism industries, which were hit hard by the Covid-19 pandemic.

Rooftop solar power saw tremendous growth in 2020
Rooftop solar power saw tremendous growth in 2020
FEATUREicon  04/01/2021 

Over 100,000 rooftop solar power works with total capacity of 9,300 MW were connected to the national grid by December 31, 2020.

Overcoming pandemic shocks, maintaining high growth rate, Vietnam is the ‘next Asian miracle’
Overcoming pandemic shocks, maintaining high growth rate, Vietnam is the ‘next Asian miracle’
FEATUREicon  05/01/2021 

Vietnam was among the countries gaining the highest GDP growth rates in 2020, which could serve as a launching pad for further growth.

First trading session of Vietnamese stock market in 2021 opens
First trading session of Vietnamese stock market in 2021 opens
BUSINESSicon  04/01/2021 

The first trading session of Vietnam’s stock market in 2021 opened on January 4, with a gong-beating ceremony held by the State Securities Commission and the Hanoi Stock Exchange (HNX).

Evaluating and estimating state budget to reduce deficit and increase efficiency
Evaluating and estimating state budget to reduce deficit and increase efficiency
BUSINESSicon  05/01/2021 

According to Minister of Finance Dinh Tien Dung’s latest report delivered recently at the National Assembly (NA), Vietnam achieved most of its financial goals in the last four years, including for 2020.

Restoring confidence after a challenging year
Restoring confidence after a challenging year
BUSINESSicon  05/01/2021 

The confidence of European business leaders in Vietnam is returning thanks to the government’s response to COVID-19 during 2020, with the focus on embracing the opportunities in a new normal. 

Building on economic resilience for the future
Building on economic resilience for the future
BUSINESSicon  04/01/2021 

Since the beginning of its reform in the late 1980s, Vietnam has achieved extraordinary results in its economic development.

Impressive growth seen across real estate
Impressive growth seen across real estate
BUSINESSicon  05/01/2021 

While the pandemic has affected nearly every business, Vietnam’s real estate sector has seen significant movements throughout the year. 

Power firms seek foreign funding as loans become expensive, hard to get
Power firms seek foreign funding as loans become expensive, hard to get
BUSINESSicon  04/01/2021 

The quickest and most effective way to raise funding for power projects is to enter into an alliance with foreign investors, Nguyen Anh Tuan, general director of Phu Yen TTP Joint Stock Company, said.

Aviation industry forecast to face a hard year in 2021
Aviation industry forecast to face a hard year in 2021
BUSINESSicon  04/01/2021 

Despite a recovery in the final months of this year, the aviation industry is forecast to face further difficulties in 2021.

Vietnam’s 2020 retail sales see the lowest growth in nine years
Vietnam’s 2020 retail sales see the lowest growth in nine years
BUSINESSicon  04/01/2021 

Vietnam’s total revenue from retail trade and services reached over VND5 quadrillion (US$219.5 billion) in 2020, representing a modest yearly rise of 2.6 per cent, according to the General Statistics Office (GSO).

2020 not a good year for bank stock debuts
2020 not a good year for bank stock debuts
BUSINESSicon  04/01/2021 

Debuting on a new bourse may give a boost to the stock price, but the market reactions were not quite positive for the banks doing so in 2020.

Experts hope for brighter market outlook after remarkable year
Experts hope for brighter market outlook after remarkable year
BUSINESSicon  04/01/2021 

Analysts from securities companies are optimistic about stock market movement during the first trading week of this year and betting the positive trend will continue.

VIETNAM BUSINESS NEWS JANUARY 5
VIETNAM BUSINESS NEWS JANUARY 5
BUSINESSicon  05/01/2021 

Business closure hits record high amid pandemic

HCM City’s EPZs, IPs attract over $747.6 million in 2020
HCM City’s EPZs, IPs attract over $747.6 million in 2020
BUSINESSicon  04/01/2021 

Over $747.6 million were poured into export processing zones (EPZs) and industrial parks (IPs) in Ho Chi Minh City in 2020, representing a year-on-year increase of 15.79 percent.

Vietnam exports over 1.7 million tonnes of coffee in 2020
Vietnam exports over 1.7 million tonnes of coffee in 2020
BUSINESSicon  04/01/2021 

Vietnam gained $2.7 billion from shipping an estimated 1.7 million tonnes of coffee abroad in 2020, accounting for over 10 percent of the world’s coffee value and 18 percent of the market share.

 
 
 
Leave your comment on an article

OR QUICK LOGIN