Rice exports plunge 40 percent in June

Vietnam exported only 380,000 tons of rice in June, down nearly 40 percent over the same period last year, reported the Vietnam Food Association (VFA).
 

Export rice bags are loaded on the boat in the Hau River, the Mekong Delta (Photo: SGGP)

The export volume reached 2.66 million tons worth US$1.20 billion in the first six months of 2016, a year on year reduction of 11 percent in volume and 6.9 percent in value.
 
China which is the largest rice export market of Vietnam posted a significant reduction to 912,076 tons worth US$420 million, falling 13.1 percent in volume and 11 percent in value. Similarly, the export volume to the Philippines dropped 45 percent to 193,435 tons.

 Rice export has been reduced in recent months because of drought and salt intrusion and severer competition in the world market.
 
The down trend is forecast to continue in the upcoming time as the Thai Ministry of Commerce will open for sale 3.7 million tons of rice in stock on July 25  while Vietnam’s large markets such as Indonesia and the Philippines have announced no hurry to import rice.
 
The above difficulties have forced VFA to lower the rice export target of 2016 to 5.65 million tons from 6.5 million tons.

By Phan Thi – Translated by Hai Mien

Other news

Most view

Deputy PM Hue visits a flower cooperative in Lam Dong (Photo: SGGP)

Vietnamese gov’t to finance cooperatives

Cooperatives have so far grown contributing 5.6 percent to the country’s Gross Domestic Product, said participants at a conference in Hanoi yesterday; accordingly, Deputy Prime Minister Vuong Dinh Hue proposed financing them.

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market