HANOI, Oct 8 (Bernama) – The United Nations Food and Agriculture Organisation (FAO) forecasts Vietnam’s rice exports will rise about six percent year-on-year to 6.9 million tonnes in 2014.
FAO attributes this to the country’s increasing paddy yield and growing demand in Asian markets including Indonesia, Malaysia, China and the Philippines, Vietnam News Agency (VNA) reported.
Paddy yield is estimated to reach a record 44.5 million tonnes this year or equivalent to 27.8 million tonnes of rice — a year-on-year rise of 740,000 tonnes.
Statistics from the Ministry of Agriculture and Rural Development show Vietnamese rice exports in the last nine months stood at 5.02 million tonnes worth US$2.3 billion.
In September, the country exported 524,000 tonnes of rice valued at US$249 million.
Wholesale rice prices in domestic market has continued to rise for three consecutive months due to rising demand especially from China.
China remained the largest market for Vietnamese rice and constitutes 33.24 percent of the market share, followed by the Philippines at 22.71 percent, Malaysia (6.1 percent), Ghana (5.37 percent) and Singapore (3.26 percent).
The United States Department of Agriculture predicts Vietnam’s rice yield and exports will reach 28 million tonnes and 6.7 million tonnes respectively this year.