VN targets $3.5b worth rice exports by 2020
VN targets $3.5b worth rice exports by 2020
The Ministry of Industry and Trade has unveiled a strategy for developing rice exports in 2016-20 that targets reversing a declining trend over the last two years and increasing earnings to US$3 billion next year.
It also targets a gradual shift towards export of high-quality, high-value, organic, nutritional, speciality, and Viet Nam brands of rice and rice-based products.
The export of low-quality white rice is expected to fall to 15 per cent of total shipments by 2020 and 10 per cent by 2025.
In the latter year medium-quality white rice will account for 20 per cent and high-quality white rice, fragrant rice, and glutinous rice for 60 per cent.
The ministry will make efforts to diversify export markets, with a focus on markets with demand for high-quality rice.
It hopes to capitalise on free trade agreements like the Viet Nam-EU FTA and the Trans-Pacific Partnership agreement to boost exports to demanding markets in Europe and the Americas.
The ministry has sent the draft strategy to relevant ministries and industries to solicit their opinions.
According to the Ministry of Agriculture and Rural Development, the country exported 2.93 million tonnes of rice for $1.32 billion in the first seven months of this year, a year-on-year decrease of 18.4 per cent in volume and 14.4 per cent in value.
Last year exports had been worth $2.68 billion after falling almost 4 per cent from 2014.
