China accounts for 41.75% of Vietnam's rice export

HANOI - China remained Vietnam's largest rice importer in the first four months of 2014, accounting for 41.75 percent of Vietnam's rice export, said Vietnam's Ministry of Agriculture and Rural Development (MARD) on Thursday.

According to the MARD's latest report, during the January-April period, China imported some 913,957 tons of Vietnamese rice, worth $392.46 million, up 2.39 percent in volume and 4.94 percent in value year on year.

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In the period, Vietnam's average rice export price enjoyed a year-on-year increase of 4.4 percent to hit $456.19 per ton, said the MARD.

In May, Vietnam sold 591,000 tons of rice worth $259 million to overseas markets.

During the first five months, the country earned $1.19 billion from exporting 2.65 million tons of rice, down 7.3 percent in value and 10.2 percent in volume year on year, said the report.

The decrease of Vietnamese rice exports during the period resulted from remarkable decline in demand of several Vietnamese rice markets including Malaysia, Ivory Coast and Singapore, assessed Vietnam Industry and Trade Information Center (VITIC) under the Ministry of Industry and Trade.

Vietnam Food Association was quoted by VITIC as saying that in 2014, Vietnam's rice export will face further difficulties with shrinking market and strong competition from Thailand.

According to Vietnam Trade Promotion Agency, Vietnam is one of the most important rice producers and exporters in the world. Rice plays the most important role among agricultural commodities in Vietnam in terms of food security, rural wages and employment, as well as export revenues.

In 2013, Vietnam earned $2.99 billion from exporting 6.72 million tons of rice. and it is expected to meet the target of exporting 7 million tons in 2014.