return icon Vietnamnet.vn

Prime Minister asked to stabilise rice price

India's restriction on rice exports is said to have an impact on the volume and price of Vietnamese rice exports.

Farmers harvest the 2021-22 winter – spring rice crop in Tien Giang Province’s Cai Lay District. — VNA/VNS Photo Minh Tri

Prime Minister Pham Minh Chinh requested relevant ministries and sectors to grasp the situation and have appropriate solutions to stabilise the market and rice prices, and ensure the interests of farmers after information that India will restrict rice exports.

The Government Office has just issued Document No 6263/VPCP-KTTH, conveying the opinion of Prime Minister Pham Minh Chinh about India's restriction on rice exports and its impact on Vietnamese rice production and export.

Accordingly, India issued an export ban on broken rice effective from September 15; imposed an export tax of 20 per cent on white and brown rice products, accounting for 60 per cent of India's total rice exports, as the Government of India is increasingly concerned about declining supply and food price inflation.

The Vietnamese Prime Minister requested the Ministries of Agriculture and Rural Development, Industry and Trade, and Finance to actively monitor and closely follow the situation to implement appropriate and timely measures and solutions according to their competence and legal regulations, ensure food security, efficiency in rice export management, stabilise rice market prices and farmers' benefits; promptly report to the Prime Minister issues beyond the competence of the ministries.

India's restriction on rice exports is said to have an impact on the volume and price of Vietnamese rice exports. The domestic price of rice has increased significantly over the past week.

However, during a conference co-hosted by the Ministry of Agriculture and Rural Development and the People’s Committee of the Mekong Delta city of Can Tho late last week, Chairman of the Vietnam Food Association Nguyen Ngoc Nam still forecast that Viet Nam’s rice export was likely to surpass the target set for this year.

Nam said Viet Nam earned nearly US$2.4 billion from exporting 4.97 million tonnes of rice in the first eight months of this year, up 20.7 per cent in volume and nearly 9.9 per cent in value from the same period last year.

Viet Nam plans to ship 6.3-6.5 million tonnes of rice this year, or 100,000–200,000 tonnes more than 2021.

Asia is the biggest buyer of Vietnamese rice, accounting for more than 50 per cent, followed by Africa and America.

The Philippines alone bought over $1 billion worth of Vietnamese rice, or nearly half of Viet Nam's total export, mostly jasmine and hi-quality rice, up more than 47 per cent year on year.

In the past eight months, China bought over 520,000 tonnes of rice from Viet Nam, or about 10 per cent of Viet Nam's rice exports, down 29 per cent annually. At present, the neighbouring country has huge demand for glutinous rice but supplies in Viet Nam are insufficient.

Ghana and the Ivory Coast remained stable markets for Viet Nam, with more than 18 per cent of the total rice export. — VNS

MORE NEWS

VIETNAM BUSINESS NEWS NOVEMBER 28

Gloomy outlook for exporters of aquatic products next year

Male model finishes fourth runner-up at Mister Grand International

Nguyen Vu Linh, Vietnamese representative at Mister Grand International 2022, was awarded the fourth runner-up title during the male pageant’s grand final held in Trinidad and Tobago on November 26.

Magnitude three earthquake hits northern border locality

An earthquake measuring three on the Richter scale jolted Ha Giang city in the northern border mountainous province of the same name on November 28.

Foreign fans congregate at Hanoi beer hub for 2022 World Cup

German and Spanish fans make their presence felt on backpackers street Ta Hien in Hanoi’s Old Quarter on November 28, supporting their respective countries at the ongoing 2022 FIFA World Cup underway in Qatar.

AI - the future of retail

Technology is changing the retail sector, with artificial intelligence (AI) shaping shopping centers and stores of the future.

Hanoi to celebrate New Year with drone light show and marathon

A countdown event, concert, drone light show and an international marathon will be held in Hanoi to celebrate the New Year 2023.

How will Vietnam escape the 'middle-income trap'?

Vietnam aims to become a higher average income country and a high income country by 2035 and 2045. However, to reach that goal, it will have to overcome challenges, especially institutional ones.

HCM City develops food streets to attract tourists

Ho Chi Minh City is focusing on developing food streets to attract more tourists and make them spend more during their stay in the city.

Int’l experts, organisations believe in Vietnam's sustainable growth potential

Experts, and representatives of international organisations, and investment funds have shown their belief in the potential for sustainable growth in Vietnam in the coming tỉme.

Why has HCM City removed 'residential people’s groups'?

With the elimination of over 25,000 "residential people’s groups", HCM City has cut 38,000 part-time officers.

Duan wins Hanoi Midnight marathon title, eyes SEA Games slot

Almost 10,000 elite and amateur runners registered to participate in the event. The number was double that of the first edition in 2020.

HCM City seeks to prevent illegal waste dumping

HCM City’s environmental sector is taking steps to prevent illegal dumping of domestic waste transported from neighbouring provinces to the city.

Macroeconomic and monetary policies key to improving economy

A volatile global market, the COVID-19 pandemic, approaching the limit to horizontal expansion and inefficient macroeconomic policies in the past...

Domestic tourism increases but spending remains low

The domestic tourism market was a lifesaver during the difficulties of the COVID-19 pandemic, but local spending on tourism is still low and needs a boost, experts have warned.

Transparent practices help farmers sell more produce

The optimal requirement of farm produce is safety, and without it, sales would be low.
back_to_top