According to the Ministry of Agriculture and Rural Development (MARD), the figures represented a rise of 5.9 percent in volume and a drop of 9.8 percent in value compared to the same period in 2018.

The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth USD 720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year.

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Strong growth was also seen in other markets, including Australia (75 percent), Ivory Coast (nearly 35 percent), and Hong Kong (nearly 35 percent).

The average rice price in the first eight months of 2018 fell 13.8 percent year on year to 435 USD per tonne.

White rice led the way in the period, accounting for 47 percent of total revenue, followed by Jasmine rice with 39.8 percent.

According to the Agro Processing and Market Development Authority (AgroTrade) under the MARD, the Philippine Government plans to diversify non-tariff measures to adjust rice import activities.

At the same time, the Philippine Department of Agriculture has also proposed the application of a defense tariff on imported rice at between 30-65 percent, which may affect Vietnam’s rice exports to the market in the future.

However, positive signals were seen in the Japanese market, which is considering switching rice imports from the US to signature countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), including Vietnam.

Meanwhile, Singapore has also shown more interest in rice from Southeast Asian countries such as Vietnam.

Source: VNA