Vietnam’s rice exports in May jump 42% year-on-year, highest since 2009

Luu Van Dat Thursday | 06/11/2020 16:43

Farmers carry a bag of rice in the southern city of Can Tho. Photo by VnExpress/Thanh Tran.

Export quota removal has skyrocketed rice shipment in May by over 42% on-year to 953,950 tons, the highest level since 2009, according to data from the General Department of Customs.

May rice exports increased 87% against April, while exports of the Jan.-May period increased over 12% from a year ago to 3.09 million tons, the highest amount for the five-month period since 2011 when the country shipped nearly 3.4 million tons of rice, according to calculation from Bloomberg News.

Vietnam, the world’s third-largest rice exporter ended export restrictions, resulting in the record-high shipments.

In an earlier report, the Ministry of Industry and Trade estimated May rice export could reach about 750,000 tons, bringing home $395 million. The country is expected to surpass Thailand in terms of global rice export this year, the ministry said.

The Southeast Asian country’s rice exports in 2020 were projected at 7 million tons when the exported prices reached a multi-year high of $527 tons last month, according to the trade ministry.

The Vietnamese government, which imposed temporary restrictions on rice exports prompted concerns about food protectionism when the COVID-19 pandemic was reported in the country, shipped 6.4 million tons of rice last year.

A Vietnamese rice exporter has won a tender offered by the Philippines to export 60,000 tons of rice to the partner country at a higher price than that of countries that won the bid. The Philippines had invited tenders for a project to purchase 300,000 tons of rice for national reserves to ensure national food security amid the impact of the novel coronavirus.

India, Thailand, Myanmar, and Vietnam submitted their bids, and only Thailand failed to win the contract.

India is set to supply 96,000 tons at an average price of $485 per ton while Vietnam is projected to ship 60,000 tons priced at $497 per ton. Myanmar is to sell 33,000 tons for $489 per ton, Voice of Vietnam reported.

Representing Vietnam at the bidding process, the Northern Food Corporation (Vinafood I) is to deliver rice to the Philippine International Trading Corporation. The Philippines is said to invite tenders for an additional 110,000 tons in the coming time.

► Vietnam may surpass Thailand in global rice export in 2020