Rice is one of the rare commodities that is not being seriously affected by the COVID-19 pandemic, with both export volume and value increasing in the first two months of 2020.

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According to the General Statistics Office, Vietnam exported 900,000 tonnes of rice worth US$410 million in January-February, up 27% and 32%, respectively.

Vice Chairman of the Vietnam Food Association Do Ha Nam said COVID-19 has not affected Vietnam’s rice exports thanks to the country’s market diversification that means it does not have a heavy dependence on a single market.

Phan Xuan Que, General Director of the Vietnam Northern Food Corporation (VINAFOOD 1), expressed his optimism about the prospects of emerging markets in Africa.

In 2019, Vietnam earned US$252.6 million from exporting 583,579 tonnes of rice to Ivory Coast, up 111% in volume and 61% in value compared to the previous year.

Ghana also imported 427,187 tonnes of rice worth US$212.65 million from Vietnam.

This year, African countries are likely to increase rice imports from Vietnam, he said.

Another positive sign for rice businesses is the prices could surge due to strong demand from the Philippines and Malaysia.

Que said with the results from January-February, it is feasible for the rice industry to realise its target of grossing over US$3 billion from shipping 6.7 million tonnes abroad this year.

Besides, the EU-Vietnam Free Trade Agreement (EVFTA) is expected to create more competitive advantages for Vietnam’s rice exports to the EU once it takes effect and offers zero-percent tariffs.