According to the Ministry of Industry and Trade’s electronic portal, in the first eight months of this year, Vietnam exported nearly 6.37 million tons of rice worth more than USD 3.26 billion, up 3.7% in volume but down 15.4% in value compared to the same period last year—the year that recorded the highest rice export results ever. Notably, Vietnamese rice has been present in many traditional markets and has also expanded to new ones such as the Middle East, Africa, and West Asia.
However, Mr. Dien noted that temporary suspensions of imports in key markets such as Indonesia and the Philippines have put pressure on prices and consumption. To cope with the current fluctuations in the global rice market, the Ministry of Industry and Trade has proposed several measures related to capital, taxes, logistics, and market expansion.
- The Ministry of Finance and the State Bank should promptly refund VAT, simplify customs procedures, increase credit limits, provide timely capital for enterprises to purchase and stockpile rice, and at the same time consider increasing national reserves.
- The Government and the National Assembly should quickly address petitions related to the VAT Law, issue mechanisms for preferential capital support, and introduce logistics policies to help enterprises expand exports.
- In addition, rice exporters must maintain quality, conduct market research, build the Vietnamese rice brand, strengthen exploitation of traditional markets, and expand into Africa, the Middle East, South Asia, etc.; diversify products; and ensure adequate supply for export contracts.
Source: thesaigontimes.vn