Hanoi (VNS/VNA) - Although rice prices remain steady due to abundant supply, experts anticipate a market rebound in the near future.

Do Ha Nam, Vice Chairman of the Vietnam Food Association (VFA), said that customer demand remains high, with Vietnam exporting over 1 million tonnes of rice in the first two months of the year.

He said that the ongoing winter-spring harvest yields the highest-quality rice of the year, making it a crucial buying period for importers. Countries with significant import needs are expected to resume trading soon, as missing this season could lead to difficulties in securing adequate supplies later.

V. Subramanian, co-founder of SSricenews - a specialised rice market platform - echoed this outlook. Speaking at a recent conference in Ho Chi Minh City, he pointed to increasing demand from Malaysia, China and Africa, where buyers are ramping up purchases. This trend suggests a potential trade boom in the coming months.

Minister of Agriculture and Environment Do Duc Duy said that the current market situation was an adjustment phase, which experts consider a normal fluctuation for commodities, including rice.

Despite this, the Government remained vigilant, closely monitoring market developments and implementing policies to stabilise supply and demand both at home and abroad.

The Vietnamese rice industry would maintain its export target of approximately 7.8 million tonnes this year, while ensuring competitive pricing in the high-quality rice segment to secure strong profits for businesses and farmers.

To achieve these goals, Duy urged businesses to continue expanding their presence in the global rice market. Alongside traditional markets, he emphasised the importance of tapping into new, high-potential regions such as the US, the EU, the Middle East, and Africa.

He called on businesses to comply with rice export regulations while increasing production capacity. Strengthening links between purchasing enterprises, farmers, and exporters would be key to improving the production chain and ensuring market stability.

The minister also urged experienced businesses with established customer networks to invest in expanding warehouse infrastructure and logistics systems.

By increasing temporary rice purchases during market adjustments, businesses could secure a steady supply for export. This strategy, he said, would help enterprises maximise profitability.

Duy also called on businesses involved in rice production and export to strengthen cooperation, share expertise, and support market expansion to ensure supply meets demand at optimal times.

He said that his ministry would continue advising the Government and relevant agencies on policies to ensure a stable, balanced, and professional rice market.

Additionally, priority and incentives would be given to businesses that operate systematically, comply with regulations, and establish strong links across the production, purchasing, processing, and export chain.

Meanwhile, Bui Trung Thuong, Vietnamese Trade Counsellor in India, said that the current rice price range of 390-420 USD per tonne - down from a peak of 700 USD per tonne - was reasonable and would benefit both exporters and importers.

He said that global rice prices were expected to remain stable due to several key factors, including a projected 10-million-tonne increase in global production this year, the expanded use of rice in ethanol production and industrial applications, and steady demand, with nearly 50% of the world’s population relying on rice as a staple food.

Given this context, Thuong urged Vietnamese rice exporters to strengthen their global competitiveness and diversify markets and sales channels.

He also advised firms to focus on developing high-quality rice varieties and building geographical indication-based branding to enhance their global reputation.

Additionally, he recommended that businesses reduce reliance on government-to-government deals and expand into the private sector while maintaining their market share, even in regions with lower export volumes or turnover, to ensure long-term stability./.