Vietnam signs contracts to export 3.2 million ton rice

Businesses have signed contracts to export over 3.28 million tons of rice this year, reported the Ministry of Agriculture and Rural Development yesterday.

Many traders have temporarily stopped rice purchase in the Mekong Delta due to export difficulties (Photo: SGGP)

Of these, 1.7 million tons worth US$738 million have been delivered, down 20 percent in value and 18 percent in volume over the same period last year.

Rice export is now facing difficulties with few orders and low prices. Key export markets of Vietnam including China, Malaysia and Indonesia have halted import while the condition has not recovered in other markets.

Businesses and traders have reduced or even stopped rice purchase in the Mekong Delta.

According to the Cultivation Department, the Mekong Delta has sowed 1.66 million hectares of summer autumn rice this crop, down over 8,300 hectares over the same period last year. The reduction is attributed to unstable price which has caused farmers to convert rice crop into vegetable and fruit farming.

Despite the department has advised rice growers to seed less than 10 percent of the IR 50404 variety but the ratio has reached 24 percent. Many farmers have cultivated without consumption contracts or orders from businesses, signaling more difficulties in consumption in the upcoming time.

By Ngoc Dan – Translated by Hai Mien

Other news

Most view

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

Vocarimex plans to expand export markets

The Vietnam Vegetable Oil Industry Corporation -Vocarimex (code: VOC) has set its target the 2018 revenue will reach VND 4,8trillion, an increasing of 9 percent compared to 2017 and pre-tax profit target will be VND 300 billlion ($ 13 million), dividend payment ratio at 12 percent.

 

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

DIG issue 14 million shares

Development Investment Construction Joint Stock Corp (DIG)’s shareholders have approved its plan to issue 14.3 million shares in the second and third quarters of 2018.