The hallmark of Vietnamese rice

19.01.2021

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With the export turnover of 3.07 billion USD in 2020, rice has become a bright spot in Vietnam’s agro-forestry and fishery exports. This is also an impressive achievement of the rice industry for many years, especially when through 2020, our agriculture suffers heavy damages from natural disasters and epidemics in both production and exports.

 

 

The success of the rice industry in 2020 has brought back the phrase “rice grain – golden grain” after a long period of little mention. Looking back to 2020, fierce natural disasters such as hail, drought, and floods severely damaged agricultural production in all three regions of the North, Central, and South, but, rice production was a comprehensive victory with a total output of 42.7 million tons, fully meeting the needs of domestic consumption, animal feed and exports. Rice exports are considered miraculous.

Rice exports always experience a steady growth over the months. In 2020, rice is the commodity with the strongest increase in export prices, up 13% over the same period in 2019 to an average of 496 USD/ton. In early December 2020, the price of Vietnam’s 5% broken white rice ranged from 493 USD to 497 USD per ton, about 20 USD/ton higher than that of Thai rice, about 120 USD/ton higher than Indian rice. These are considered to be the best price in Vietnam’s rice export history, which partly demonstrates that the quality of Vietnamese rice has improved significantly.

Rice export activities have prospered quickly right after the Vietnam – EU Free Trade Agreement (EVFTA) officially took effect from August 1, 2020. Based on EVFTA, the EU gives Vietnam a quota of 80,000 tons of rice per year with a tax rate of 0%; For products from rice, the EU will bring the tax rate to 0% after 3 to 5 years. Taking advantage of that, from September 2020, Vietnam has exported the first batches of rice to the EU at increasing selling prices compared to previously. Specifically, before EVFTA, the price of ST20 rice exported to the EU was about 800 USD/ton, while Jasmine rice was 520 USD / ton, now the price is over 1,000 USD/ton and 600 USD/ton, respectively. With the EU market globally known for having the most stringent requirements on quality, these prices are considered a proud achievement of Vietnamese rice.

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