Vietnam may lift rice export restrictions

Related tags Trade International trade

Vietnamese rice exports could soon increase as higher than expected
yields allow the government to lift its export restriction,
according to an Asia Pulse report.

The government set the annual rice export target at 3.8 million tonnes in May to guarantee domestic supplies but rice exporters had met the target by June, said the report.

The Ministry of Agriculture and Rural Development (MARD) requested last month that the rice export target be increased from 3.8 million tonnes to 4.1 million tones. The Ministry of Trade has now said it would make the same request to the government.

According to the ministries, Vietnam's paddy yield this year is expected to reach 17.3 million tonnes, up nearly 219,000 tonnes over last year.

The restriction issued in May caused rice prices on the domestic market to decrease by around 11-12 cents per kilo.

But since the trade and food ministries' recommendations to increase rice exports, rice prices on the domestic market have surged again by roughly VND300 to VND350 per kilo.

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