Vietnam’s rice is facing growing competition from Thailand.
NDO – Vietnamese rice exporters are predicted to face stronger competition from Thailand in 2015, according to the Vietnam Food Association (VFA).
VFA Vice Chairman Pham Van Bay said at a conference on October 10 that there would be fierce competition between Vietnam’s jasmine rice and two varieties from Thailand which boast similar quality and price.
Bay added that the rice export competition between Vietnam and Thailand would not only take place in Asia but also in African markets.
The VFA forecasted that domestic rice prices would remain largely the same until the end of the year due to declining demand from foreign importers.
Commenting on the VFA predictions, Director Phan Huy Thong of the National Agricultural Extension Centre suggested the agricultural sector consider reducing productions for the 2015 winter-spring crop.
According to the Ministry of Agriculture and Rural Development, in 2014 the entire southern region planted around 4.7 million hectares of rice with output estimated at 27.8 million tonnes, up more than 900,000 tonnes from the previous year.
The latest data from the VDFA showed that Vietnam’s rice exports in the first nine months of 2014 reached nearly 4.8 million tonnes, bringing in about US$2 billion, a year-on-year decrease of 7.2%.
Vietnamese rice exporters face tough year ahead: VFA Related image(s)
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