Vietnam earned over 3 billion USD from exporting rice in 2020, according to the Vietnam Food Association (VFA), a year-on-year increase of more than 10 percent.
Vietnam's rice export turnover up 10 percent in 2020 - Illustrative image (Photo: VNA)
Hanoi (VNA) - Vietnam earned over 3 billion USD from exporting rice in 2020, according to the Vietnam Food Association (VFA), ayear-on-year increase of more than 10 percent.
The rice sector is expected to again post high growth this year, when new-generationfree trade agreements (FTAs) Vietnam has signed with foreign partners come intoplay.
Amid the difficulties posed by the ongoing COVID-19 pandemic, rice exporters quicklymade appropriate adjustments and actively sought new markets while fully tappinginto the advantages brought about by FTAs.
Vice Chairman of the VFA, Do Ha Nam, said 2020 was a successful year forVietnam’s rice exports, which he attributed to increasing demand in manycountries and the improved competitiveness of Vietnamese rice around the world.
The EU-Vietnam FTA (EVFTA) has created a major opportunity for Vietnameserice to enter European markets and then make inroads into other choosy markets, Nam said.
Experts said that if Vietnam wants to maintain rice export growth in2021 it needs to focus on building a complete rice value chain and controllingquality in production, processing, and distribution.
The VFA predicted that rice exports will continue to grow this year because exportmarkets, such as the Philippines and Africa, are continuing to sign contracts.
Within the framework of the Vietnam-Eurasian Economic Union (EAEU) FTA, EAEU member states havepledged to give Vietnam a tariffquota of 10,000 tonnes of rice for this year.
Vietnam’s rice exports to the UK will also enjoy zero percent tariffs withoutquotas under the recently-signed UK-VietnamFTA.
To fully tap into the advantages available underFTAs, rice export giants such as the Intimex Corporation JSC, the Loc TroiGroup, the VRICE Co., and the Trung An Hi-Tech Agriculture JSC are planning toseek additional importers in markets where Vietnam has signed FTAs, especiallyin the UK.
The Ministry of Industry and Trade will continueto support exporters via providing timely information on market demand and strengtheningtrade promotion efforts./.
Vietnam exported 3.9 million tonnes of rice, earning 1.9 billion USD, in the first seven months of this year, according to the Department of Agro Processing and Market Development under the Ministry of Agriculture and Rural Development.
Vietnam’s rice exports have expanded during the pandemic to surpass rival Thailand in price for the first time in three decades, leading experts to suggest the sector should consolidate its position.
The Prime Minister recently signed Decision No.1975/QD-TTg issuing an action plan to realise the Politburo’s Conclusion No.81-KL/TW dated July 29 on ensuring national food security till 2030.
The Ministry of Agriculture and Rural Development (MARD) has rolled out various measures to remove difficulties facing the export of agro-forestry-fisheries products and broaden markets, in order to fulfil the goal of earning at least 41 billion USD from the export of the products in 2020.
In the first 11 months of this year, Vietnam's rice exports exceeded 5.7 million tonnes, down by 3 percent, but earnings surged by 9.7 percent to nearly 2.83 billion USD over the same period in 2019 thanks to export price increase.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Vietnam's rice export turnover up 10 percent in 2020 - Illustrative image (Photo: VNA) 
