Illustrative image (Photo: VNA)

According to the Ministry of Agriculture and Rural Development, Vietnam exported only 400,000 tonnes of rice worth 203 million USD in January 2023, down 20.9% in volume and 17.4% in value year-on-year.

Do Tran Hoan, member of the Members’ Council of the Vietnam Northern Food Corporation, said Vietnam earned over 3.4 billion USD from exporting 7.1 million tonnes of rice last year, up 13.83% in volume and more than 5% in value.

Vietnam shipped over 3 million tonnes of rice to the Philippines last year, accounting for 45% of the country’s total rice exports and more than 80% of the Philippines’ rice imports, he said.

If the Philippines has high inventories, its import demand will drop. Moreover, Vietnam’s rice inventories had slumped as of late 2022, resulting in lower rice export volume this year, he said.

Unless the number of Vietnamese rice exporters to China increases, it is unlikely that more opportunities will open up following the COVID-19 pandemic, said analysts.

Hoan said Vietnam tends to export more jasmine and high-quality rice as countries have demand to stock more food due to the impacts of climate change.

About rice export prices, Chairman of the Board of Directors and General Director of Intimex Group Do Ha Nam said prices generally will increase due to rising consumption demand and political and economic instability caused by the conflict between Russia and Ukraine.