Vietnamese rice 50% cheaper than Thai rice

Vietnam and Thailand are two major rice exporters to the Hong Kong market, but Vietnamese rice prices are 50% lower than those offered by its rival, leaving wide room for growth for Vietnamese rice exports to the former British territory.

Vietnamese rice 50% cheaper than Thai rice

File photo of a person examining the high-quality Jasmine rice at a local firm. Vietnam has exported a large volume of fragrant rice to Hong Kong

Based on 40 years of experience in running a rice import business, Food Che Fuk James, managing director of Hong Kong-based firm Kwong Sun Hong, said at a business networking event in Can Tho City yesterday, gathering municipal agencies and a business delegation from Hong Kong, that Vietnamese rice is a better option than Thai rice based on price.

However, when it comes to quality, Thai rice outpaces Vietnamese rice as it remains perfectly soft, puffy and tasty for two hours after it is cooked. On the other hand, Vietnamese rice is popular at Hong Kong’s fast food restaurants because of its reasonable price.

The Hong Kong market has set low quality standards for rice shipments to the territory. Rice exporters are also currently exempt from duties when shipping rice to the Asian financial hub, according to Lu Benjamin, director of Hong Kong-based Lui Hing Hop Company.

The Lui Hing Hop leader added that he has not heard of any Vietnamese rice shipments being rejected for export to Hong Kong to date.

Speaking at the meeting, Nguyen Trung Kien, vice chairman of the Vietnam Food Association, said that Vietnam had exported 90,000 tons of rice to Hong Kong as of September, chiefly fragrant rice. The rice export volume to the former British colony is expected to reach 90,000-120,000 tons next year, said Kien.

 

In the nine-month period, the Mekong Delta city of Can Tho exported US$6.6 million worth of rice to Hong Kong, much higher than the figure of US$1.8 million recorded for the whole of last year, said Nguyen Minh Toai, director of the municipal Department of Industry and Trade.

At the event, local participants introduced new types of fragrant Vietnamese rice to the Hong Kong side and pledged to control residue levels in rice shipments to the territory, said the food association representative. SGT

Trung Chanh

Vietnam should improve rice quality in long-term strategy

Vietnam should improve rice quality in long-term strategy

Experts believe Vietnam needs a long-term strategy to increase the quality of its rice exports to create sustainable growth in the future.  

Rice exports bring $2.24 billion for Vietnam in nine months

Rice exports bring $2.24 billion for Vietnam in nine months

Vietnam shipped abroad 586,000 tonnes of rice in September for $251 million, pushing the total rice export volume and value in the first nine months of this year to 5.2 million tonnes and $2.24 billion, respectively.  

 
 

Other News

.
Need for digital transformation personnel sees sharp rise: report
Need for digital transformation personnel sees sharp rise: report
BUSINESSicon  27/03/2021 

As firms are accelerating digital transformation, the need for information technology (IT)-related roles, namely data engineer, infrastructure engineer, or chief technology officer (CTO), is also rising significantly.

MIC focusing on popularising Mobile Money
MIC focusing on popularising Mobile Money
BUSINESSicon  27/03/2021 

The successful implementation of Mobile Money is one of the major targets of the Ministry of Information and Communications (MIC).

Private sector unable to create necessary value chain
Private sector unable to create necessary value chain
BUSINESSicon  26/03/2021 

Vietnamese enterprises are facing setbacks and obstacles in the process to build value chains, which are essential for growth, healthy competition and more export opportunities in foreign markets.

Mobile money attempts to topple classic banking
Mobile money attempts to topple classic banking
BUSINESSicon  27/03/2021 

The newly-launched mobile money pilot programme is expected to heat up competition for domestic players but also open collaboration opportunities to cash in on the niche market.

New phase on horizon for solar power development
New phase on horizon for solar power development
BUSINESSicon  28/03/2021 

Vietnam, a rising star in Asia in solar power development, is to slash feed-in tariffs for rooftop solar installations this month, 

Land speculation continues, realtors incur big losses
Land speculation continues, realtors incur big losses
BUSINESSicon  28/03/2021 

A leading Vietnamese real estate developer has reported an additional loss of tens of billions of dong, raising its total loss in 2020 to VND500 billion, though land prices are escalating all over the country.

Bridging the tech-led links in investment
Bridging the tech-led links in investment
BUSINESSicon  28/03/2021 

Although Vietnam has been improving its business and investment environment significantly throughout the last four decades, the cooperation between domestic and foreign-invested companies could be much improved.

Ministry aiming to collect taxes from e-commerce sellers
Ministry aiming to collect taxes from e-commerce sellers
BUSINESSicon  26/03/2021 

The Ministry of Finance has asked digital-based businesses and delivery service companies to provide information about e-commerce sellers using their platforms and services so they can be taxed.

Vietnam GDP growth set to rebound to 6.6% in 2021: WB
Vietnam GDP growth set to rebound to 6.6% in 2021: WB
BUSINESSicon  27/03/2021 

Vietnam and China are the only two economies in East Asia and Pacific experiencing a V-shaped rebound where output has already surpassed pre-pandemic levels.

Wind power overdevelopment faces risks
Wind power overdevelopment faces risks
BUSINESSicon  27/03/2021 

Sharing the same fate as solar power, sales of wind power in Vietnam are expected to be difficult because of "severe excess electricity" at some point in time.

VIETNAM BUSINESS NEWS MARCH 27
VIETNAM BUSINESS NEWS MARCH 27
BUSINESSicon  27/03/2021 

Programme supporting enterprises in optimising opportunities from EVFTA debuts

Gardener confirms mutant orchid transaction, promises to pay tax
Gardener confirms mutant orchid transaction, promises to pay tax
BUSINESSicon  26/03/2021 

Bui Huu Thanh, the owner of the mutant orchid garden, said that he has actually sold a Ngoc Son Cuoc mutant orchid for VND250 billion following reports that the transaction was fake.

Trade deficit with China grows as imports soar
Trade deficit with China grows as imports soar
BUSINESSicon  26/03/2021 

The value of Chinese imports in the first months of 2021 alone reached $15.42 billion, twice as much as the value of Vietnamese exports to the market.

Regional tensions throwing investing trajectory up in air
Regional tensions throwing investing trajectory up in air
BUSINESSicon  25/03/2021 

Political stability has been seen as one of the main reasons for Vietnam’s success in recent years in terms of attracting foreign investment. 

Investors forced to wait on HSX technical upgrades
Investors forced to wait on HSX technical upgrades
BUSINESSicon  25/03/2021 

However, despite the vast potential of the equity market, the ongoing technical outages at the HSX have lowered investors’ appetite, as their buy and sell orders rarely match up.

VIETNAM BUSINESS NEWS MARCH 26
VIETNAM BUSINESS NEWS MARCH 26
BUSINESSicon  26/03/2021 

Anti-dumping investigations launched into imported welding material products

Female tycoon leaves post, daughter makes US$1 billion
Female tycoon leaves post, daughter makes US$1 billion
BUSINESSicon  25/03/2021 

Southeast Asia Commercial Joint Stock Bank (SeABank) on March 24 listed more than 1.2 billion SSB shares on the Ho Chi Minh Stock Exchange - HOSE (HSX) with the reference price of VND16,800 per share and the price range of +/- 20%.

Agencies, local authorities give back tens of trillions of VND
Agencies, local authorities give back tens of trillions of VND
BUSINESSicon  25/03/2021 

Ten ministries and agencies, as well as 45 localities, are giving back the capital allocated to them as they did not spend all the money they received in 2020.

Five suburban districts to become inner districts, land price soars
Five suburban districts to become inner districts, land price soars
FEATUREicon  25/03/2021 

The plan to turn some suburban districts in HCM City into inner districts is only on paper but it has triggered a new land fever in localities.

Investors lose big money after buying land near airport projects
Investors lose big money after buying land near airport projects
FEATUREicon  24/03/2021 

Land prices in some areas skyrocketed after rumors spread about new airport projects, helping some investors to get rich but causing many others to go bust.

 
 
 
Leave your comment on an article

OR QUICK LOGIN