5-Vietnam Has The Potential To Export 8 Million Tonnes Of Rice This Year Agriculture Minister

1. Vietnam Has The Potential To Export 8 Million Tonnes Of Rice This Year: Vietnam Has The Potential To Export 8 Million Tonnes Of Rice This Year: Agriculture Minister Agriculture Minister Located in Asia, Vietnam is the third largest rice exporter in the world. It ranks behind India and Thailand in the global rice trade and exports bulk rice to the world every year. In the aftermath of India’s non-basmati white rice export ban, global rice market has started looking up to Vietnam with hope and pacifying them, Vietnam’s agriculture minister on 8th of August, commented that the country has the potential, to export 7 million to 8 million metric tonnes of rice this year after putting aside sufficient quantity for addressing food security of the country. The Background The Background India is the largest rice exporter and second largest rice producer in the world and in a surprise move, the Government of India (GOI) banned exports of non-basmati white rice on 20th of July, 2023. The GOI’s move was aimed at stabilizing prices of rice that was on a rise in the domestic markets of the country after late but heavy monsoon rains damaged paddy crops in the Punjab and Haryana region. However, it raised difficulties for countries dependent upon India for their rice needs. Non-basmati rice comprises approximately 80% of the rice exports of the country and the ban on non- basmati white rice export by India, raised alarms in the global rice market as leading rice importers started to struggle to source the staple. As a result, the prices of rice touched 15 year high in the global rice markets. Vietnam Living Up To The Occasion

2. Amidst all this, Vietnam-the third largest rice exporter has lived up to the occasion and in a statement, the country’s agriculture minister has clearly stated that Vietnam can export 7-8 million metric tonnes of rice this year, if required. Rice is a water intensive crop and the country’s irrigation systems allows domestic farmers to sow and harvest bumper paddy crops all-round the year in the Mekong Delta, explained Mr. Le Minh Hoan to the National Assembly. He also added that the current market situation provides huge opportunities for the rice exporters of the country as they can boost their exports and grow their businesses. However, he also cautioned that it is unknown at present as when will India lift the ban on non-basmati white rice exports and this puts pressure on prices of rice in the domestic markets of Vietnam. If you are a Rice Exporter looking to export bulk rice or are a rice importer looking to import bulk rice, then Tradologie.com is the platform for you. Tradologie has over 600,000 verified buyers and 70,000+ verified suppliers in its network and through the platform, you can connect and conduct bulk trade of food and agro-commodities with ease. To register as a seller, click here. To register as a buyer, click here. To stay updated with the recent happenings of the agro-trade industry, do follow Tradologie across all social media channels.