Vietnam is enjoying strong growth in both rice export volume and value, and more export chances are still ahead as some FTAs have come into force and consumers around the globe are boosting purchase to ensure food security.

The Ministry of Industry and Trade has asked rice traders to strictly maintain a reserve equivalent to at least five percent of their export volume in the six most recent months.

TREA, the association of Thai rice exporters, on February 12 said Thailand may lose its position as the second largest rice exporter when setting up the goal of exporting 7.5 million tons this year, a 7-year low.

Since the novel coronavirus (Covid-2019) epidemic will surely affect exports to China, diversifying markets is an urgent requirement for Vietnamese rice exporters, experts have said.

South Korea has opened up its market to Vietnamese rice, setting the annual import quota of Vietnamese rice at 55,112 tons, according to the Import-Export Department at the Ministry of Industry and Trade.

 The Ministry of Industry and Trade has granted 47 certificates of eligibility to rice export businesses over the past year, lifting the number of rice exporters to 182 traders.

Vietnam is a major rice producer and exporter in the world, but Vietnamese farmers and companies cannot make fat profits.

Vietnam’s rice export price is always low compared with other countries because consumer confidence in Vietnam’s rice quality is not high, experts say.

Products which claim to feature the ST25 rice strain which was crowned the World's Best Rice at a recent contest have flooded in the Vietnamese market.

Vietnam’s ST24 rice variety was recognised as the World's Best Rice this year.

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.

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

Analysts warn that Vietnam will have to struggle to implement the rice export plan this year because many key markets have tightened control over imports.

The government of Thailand has approved a budget of 21.5 billion baht to ensure a rice price at a reasonable level for Thai farmers. The policy is expected to have a negative impact on other export countries, including Vietnam.

Thailand has passed a plan to allocate its budget of 21.5 billion baht to help stabilize rice prices for Thai farmers. This subsidy program may affect rice exporters including Vietnam, according to local rice operators.

Rice exports to the Philippines have increased sharply as the country has lifted quotas since the beginning of the year. However, Vietnamese farmers have not received big benefits.

Several US importers have added rice to the list of product items they will buy from Vietnam.

Vietnam’s economy has been better off over the last three years with exports growing rapidly.

Vietnam's rice export industry is trying to find new customers as exports to China, the country’s biggest customer, dropped.

The large-scale field model has developed more slowly after a boom period.