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Category: Food

Retail News Asia is committed to providing both local and global retailers with the latest Food and Food & Beverage news throughout the Asian market. This on a daily base.

  • Rice export prices drop in Q1

    Rice export prices drop in Q1

    Average rice export prices dipped by 10.6 percent in the first quarter, resulting in a 6-percent decline in revenues.

    Vietnam exported 2.05 million tons of rice for US$1 billion, up 4.4 percent in volume but prices fell to $386.2 a ton due to abundant supply, according to the Ministry of Agriculture and Rural Development.

    On the global market, rice prices also dropped marginally in May, with Thai 5 percent broken rice being $5 per ton cheaper at $410-412 and Indian exports falling by $10 to $361-365.

    Vietnam’s top market in the first quarter was the Philippines, whose imports increased by 63.8 percent year-on-year to 672,142 tons.

    Domestic prices remained unchanged in May, however. In the southern An Giang Province, normal rice was sold at VND11,000 ($0.48) a kilogram and jasmine rice at VND15,000.

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  • French meat producers eye expansion in Vietnam

    French meat producers eye expansion in Vietnam

    Meat producers from France are seeking to expand their market share in Vietnam to take advantage of the EU-Vietnam Free Trade Agreement.

    “Meat product exports to Vietnam are expected to grow faster, as, for the next 10 years, tariffs on those products will gradually decrease to zero percent,” Emmanuelle Pavillon-Grosser, the French consul general in HCMC, said.

    France is already the ninth-largest meat exporter to Vietnam, but wants to further increase its market share.

    The trade deal took effect in August 2020. The French Association of Butchers and Caterers and Business French in Vietnam are running a campaign to increase sales of meat products with EU sponsorship.

    It is expected to go on until 2024, with activities such as store promotion and inviting Vietnamese buyers to see the production process in France. Emilien Besnard of FICT said the French meat industry has more than 450 products, some of them already popular in Vietnam.

    Besides the EU, Vietnam also imports meat from the US, Russia, South Korea, and others, mostly being pork.

    Pork imports rose from 33,000 tons in 2018 to 225,000 tons in 2020 before slipping last year to 143,463 tons due to the pandemic.

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  • Liquor industry wants tax increase delayed

    Liquor industry wants tax increase delayed

    Liquor companies want the proposed increase in special consumption tax put off until they recover from the effects of the Covid-19 pandemic. The government plans to hike the taxes on beer, liquor, and cigarettes from now until 2030 and is still considering by how much.

    The current rates are 65 percent on beer and 35-65 percent on liquor. Nguyen Van Viet, chairman of the Vietnam Association of Beer, Wine and Beverages (VBA), said the two years of Covid caused beer sales to drop by 20 percent or one billion liters.

    Around half of all breweries and distilleries saw revenues and profits fall in 2020 and 2021, according to a survey by the Central Institute for Economic Management (CIEM). Over 79 percent of them tried to cut costs, and 58 percent postponed expansion plans and laid-off employees.

    It is estimated that 4-7 percent of workers were laid off, and the rest saw their incomes reduce by 7-10 percent. Though the situation has improved thanks to the reopening of the economy this year, the industry is unlikely to see profits rise as input costs have risen to historic highs.

    Gasoline and malt prices have increased by 50 percent, and that of beer cans by 30-40 percent. Holly Bostock, corporate affairs director of Heineken Vietnam, said any increase in special consumption tax would add to the burden on the beverage and tourism industries, while what they need now are stability and support.

    Phan Tuan Khai, a lawyer for the VBA, said the government needs to come up with a new tax mechanism that would help businesses but also generate more tax instead of just increasing the rates. Economist Ngo Tri Long said a tax hike would exhaust businesses.

    Long said a new mechanism that taxes products with higher alcohol content more would be fairer and more transparent than the current tax mechanism and encourage people to drink responsibly. Taxation by alcohol content is done in Singapore and European Union countries.

    A study by the CIEM from 2010 to 2018 found that despite increases in alcohol tax, consumption actually rose from 6.6 liters per capita per year to 8.3 liters.

    A 2019 study by Lancet, a British medical journal, found Vietnam among the world’s top beer-consuming countries and a 90.2 percent rise in drinking per capita between 2010 and 2017.

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  • Seafood companies post profit surge as global demand recovers

    Seafood companies post profit surge as global demand recovers

    Many seafood firms have seen a year-on-year surge in profits in the first quarter this year thanks to surging prices and recovering demand.

    Vinh Hoan Corporation, the largest listed seafood company, posted after-tax profits of over VND550 billion ($23.9 million) in the first quarter, up 4.2 times year-on-year.

    Cuu Long Fish Joint Stock Company·also saw its profits surge over 5.7 times against the same period last year to VND63 billion, the highest quarterly profit since late 2018.

    IDI International Development & Investment also recorded after-tax profits of over VND200 billion, the highest quarterly profit since 2010 when it began releasing financial reports.

    Nam Viet Corporation reported a three-time year-on-year surge in profits to VND206 billion while Camimex Group saw its profits double to VND25.1 billion.

    Sao Ta Foods Joint Stock Company, another seafood firm, reported its profit surging nearly 1.5 times year-on-year to VND42.2 billion.

    The surge in profits among seafood companies in the first quarter was credited to surging prices and recovering global demand.

    Vietnam’s seafood exports grew by 40 percent year-on-year to $2.4 billion in Q1 despite direct impacts of the ongoing Russia-Ukraine crisis.

    Growth was led by pangasius catfish, whose exports increased by 88 percent to $646 million and accounted for 27 percent of overall exports, according to the Vietnam Association of Seafood Exporters and Producers.

    Shrimp remained the top seafood export item, accounting for 37.5 percent of the total at over $900 million, up 37 percent.

    A recent report by Rong Viet Securities Corporation said that pangasius exports would record a strong recovery this year due to increased global demand and supply shortage from Russia. The high selling price will last until the end of the second quarter due to increase in raw material prices.

    An Binh Securities warned of downside risks like surging feed and logistics costs and fierce competition from other exporting countries like India, Ecuador and Indonesia.

    On the stock market, the seafood sector has posted gains over the past months, with some hitting the ceiling regardless of the overall gloomy market trend.

    On Friday, Vinh Hoan closed at around VND104,000, up 55 percent since January.

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  • Yum China sales fall as pandemic impact worsens

    Yum China sales fall as pandemic impact worsens

    The owner of KFC and Pizza Hut said sales plunged by 20% in the first two weeks of March as a surge of new Covid cases spread across China.

    Yum China said “the situation has rapidly deteriorated” as regional lockdowns have been put in place to stem the outbreak.

    More than 1,100 of its stores are temporarily closed or offering takeaway and sales are “still trending down”.

    China’s lockdowns are among its biggest since the beginning of the pandemic.

    They include the Jilin province – home to companies such as carmakers Toyota and Volkswagen – as well as technology hub Shenzhen as the number of new infections of the Omicron variant of Covid rise.

    Yum China said: “Entering March, the situation has rapidly deteriorated with the highly transmissible Omicron variant causing outbreaks across China, including economically important regions of Guangdong, Shanghai, Shandong and Jilin.”

    It added: “Our operations are significantly impacted by the latest outbreaks and the tighter public health measures which resulted in a further reduction of social activities, travelling and consumption.”

    Toyota, Volkswagen and iPhone-maker Foxconn have been forced to close operations in affected regions due to lockdowns.

    Although Foxconn said on Wednesday it was able to restart some production in Shenzhen after putting in place a closed loop system on its campus. It means that Foxconn employees working in the space cannot move outside the group.

    Foxconn said: “This process, which can only be done on campuses that include both employee housing and production facilities, adheres to strict industry guidelines and closed-loop management policies issued by the Shenzhen government.”

    There are concerns the restrictions could have an impact on global supply chains.

    But Yum China’s chief executive Joey Wat, said: “Our robust supply chain management has shielded us from material business disruptions.”

    Yum China said it had more than doubled the number of stores it had closed or restricted to take-out services from 500 in January to 1,100 in March.

    Ms Wat pledged: “We will keep our restaurants open and provide food services to customers wherever it is possible and safe to do so.”

     

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  • Maxim’s to launch Shake Shack in Thailand

    Maxim’s to launch Shake Shack in Thailand

    US burger chain Shake Shack is ramping up its Southeast Asia expansion with its upcoming Thai debut in partnership with Hong Kong-based licensee, Maxim’s Caterers.

    Thailand’s first Shake Shack location, which will also be a flagship store, is expected to open in Bangkok next year, followed by 15 more stores across the country by 2032. Maxim’s, also the licencing partner of Shake Shack in Greater China, currently operates 24 Shacks across the region.

    “Shake Shack was born in New York, and Bangkok is another fantastic city with vibrant energy, friendly people and rich culinary traditions,” said Michael Kark, chief global licensing officer at Shake Shack.

    The Shake Shack Thailand menu will feature the chain’s signature items, such as ShackBurger, Chicken Shack and Chicken Bites. The burger chain said it will also work alongside local producers, purveyors and artists to support the Thai community.

    Meanwhile, Maxim’s will open its seventh Shake Shack outlet in Hong Kong on May 9, at the Citygate Outlets in Tung Chung.

    Maxim’s operated F&B businesses for more than 60 years, including licences for brands including Starbucks, Genki Sushi and Ippudo Ramen, The Cheesecake Factory and Shake Shack. The company operates more than 1800 outlets in Hong Kong, Macau, Mainland China, Vietnam, Cambodia, Thailand, Singapore and Malaysia.

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  • Coca-Cola opens London flagship store

    Coca-Cola opens London flagship store

    Coca-Cola has opened the doors to its first flagship store in Europe today, in a vote of confidence for the West End. After a number of stores in the US, including the beverage titan’s home territory in Atlanta, Coca Cola is testing the waters with a UK experiential destination.

    The store is set to be open until September at the moment, as bosses trial a direct-to-consumer store format in Europe for the first time.

    Shoppers will be able to purchase limited-edition merchandise, including fashion collaborations with Staple and Lees.  Other collaborations include designers such as Soho Grit, Alma de Ace, BAPE, Herschel, and BE@RBRICK.

    Visitors can buy mocktails made with Coca-Cola products at a dedicated beverage bar – drinks on the menu at the moment include Winners Circle, Mango Sunset, and an Orange Lolly Float. There is also an opportunity for shoppers to design customized drink cans, with personalized messages on.

    Michelle Moorehead, vice president of licensing and retail, said the store would give shoppers “fresh ways to experience our drinks.”

    “Through a collection of products made from recycled materials, it also gives us a great opportunity to share our sustainability commitments with people and bring them with us on our journey to a World Without Waste,” she added.

    It comes as retail goliaths have continued to be keen to stake a physical presence in the West End, despite the departure of big names such as Topshop.

    Furniture giant Ikea is set to open up shop, after buying Topshop’s former flagship store on Oxford St for £378m.

    “I don’t think [high street shopping] necessarily is dying, it’s changing,” Alex Loizou, the co-founder of online boutique marketplace Trouva said. earlier this year. “Offline becomes more about the experience and something different. Online is driven by transactional behavior.”

    In recent years, the Apple and Nike stores have become weekend destinations for many, Loizou explained. “People will go into those destination spaces to just experience it and look at physical objects up close, even if people don’t buy them there,” he said.

    Earlier this week, Coca-Cola Co surpassed quarterly revenue expectations after raising prices and the reopening of theatres and restaurants.

    In results published on Monday, the firm said demand for soft drinks had come back with zest after entertainment and hospitality venues had reopened with the easing of Covid restrictions.

    Net revenue lifted 16 per cent to $10.5bn in the first quarter of the year, beating analyst expectations of $9.83bn, according to Refinitiv data.

    However, the soft drinks titan warned its suspension of operations in Russia would result in a hit to annual profit worth four cents per share.

  • Rice exports to Russia jump in Q1

    Rice exports to Russia jump in Q1

    Vietnam’s rice exports surged 2.6 times year-on-year to over US$553,000 in Q1, according to Vietnam Customs.

    The grain was one of Vietnam’s few exports to Russia that increased in the first quarter as the Russia-Ukraine crisis impacted other suppliers. It was one of only eight export items that saw increases out of 23.

    Overall exports to Russia fell by 29.1 percent to $543.8 million.

    The others to achieve positive growth included rubber, up 60.2 percent to $7.2 million, machinery, equipment, coffee, and iron and steel, which were 4-40 percent higher.

    But many Vietnamese exporters see the writing on the wall which is the crisis and Western sanctions starting to disrupt trade.

    They need to closely monitor and follow news from Russian banks on new regulations and payment channels as the country has been removed from the SWIFT international financial system.

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  • First KFC ‘Green Pioneer Stores’ open in China

    First KFC ‘Green Pioneer Stores’ open in China

    Yum China has just launched KFC’s first Green Pioneer Stores in Beijing and Hangzhou, as it works toward building a network of net-zero restaurants in the future.

    The move is part of the company’s climate strategy and a roadmap to achieving net-zero by 2050, following its pledge to Business Ambition for 1.5°C Commitment Letter to the Science-Based Target initiative (SBTi) last year.

    “We are committed to driving meaningful change and pioneering in the restaurant industry towards net-zero emissions. Building Green Pioneer Stores is an important part of our journey,” said Joey Wat, CEO of Yum China.

    Following the company’s 4R principles (reduce, reuse, recycle, replace), KFC has already incorporated several environmentally friendly practices in its stores across the country, such as:

    • Solar panels in its Hangzhou store generate an estimated 10,000 kWh of energy each year, which helps reduce carbon emissions from electricity consumption.
    • An Internet of Things-based (IoT) intelligent restaurant energy management system which helps improve the energy efficiency of Green Pioneer stores by around 10 per cent annually.
    • Each Green Pioneer Store is equipped with a Tubular Daylighting System that uses natural lighting, reducing electricity consumption.
    • Using eco-friendly materials such as ceramic floor tiles made from recycled energy, low-carbon bamboo and alt-leather made from recycled KFC coffee grounds.

    The company said the Green Pioneer Stores will also allow customers to experience and learn about eco-friendly restaurants by integrating “green interior design”.

    At its Beijing store, a Family Bucket is made entirely of recycled packaging. While in Hangzhou, a wall section was intentionally left unfinished with an opening to show customers the restaurant’s eco-friendly construction process.

    While the restaurant chain has already integrated environmentally friendly initiatives, the company aims to further improve its emissions reduction by 15 per cent each year.

    “We will continue to explore the utilization of innovative technologies in restaurant construction and operations to promote sustainable development and contribute to the low carbon economy,” Wat added.

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  • Yum China names new executives

    Yum China names new executives

    Yum China has appointed Johnson Huang as its first chief customer officer and Warton Wang, who is currently the chief development officer, as GM of KFC. Both roles are effective on May 1.

    Yum China says creating the chief customer officer position is one of the company’s strategies to “integrate customer-centricity into its brand-driven culture”.

    Johnson Huang has served as GM of KFC and joined the company in 2006. Prior to that, he was the company’s chief information and marketing support officer and helped build IT functions and digital infrastructure.

    In his new role, Huang will focus on enhancing customer experiences as well as understanding the market demand and creating cross-functional initiatives. He will also supervise some brands like Lavazza, Coffii & Joy and Taco Bell, and continue to report to Joey Wat, the company’s CEO.

    Meanwhile, Warton Wang will succeed Huang as the GM of KFC. Wang joined the brand in 1998 as an operations management trainee and has held various operations roles within KFC, including as market manager of Hangzhou KFC.

    Wang became the regional VP of KFC Field Operations in 2015 and the company’s chief development officer in 2020.

    “Digital is a core growth enabler of Yum China to unlock tremendous opportunities. Johnson’s new leadership role will enable us to continuously strengthen our digital capabilities and elevate the customer experience,” Joey Wat.

    “With his strong technology background and deep understanding of the organisation, Johnson is most suited for this new role. [His] proven track record of leading KFC in the past five years gives us confidence that he can transform our emerging brands into future growth engines for Yum China.”

  • Swensen’s Thailand opens next-gen regional flagship

    Swensen’s Thailand opens next-gen regional flagship

    Once again, Swensen’s reinforces to be the leading ice-cream brand that delivers a unique customer experience with the opening of Swensen’s Nan Regional Flagship Store. This store is the second store in Thailand after Phuket Town that is designed in accordance to the Regional Flagship Store concept. This concept is not just about expanding stores, but also to select a province with a character and local people including a distinctive local culture.

    Like Nan province, there is a strong community. So Swensen’s joins with local franchisee who truly understands  the Nan culture, to develop the area to become a new tourist attraction of Nan province.

    About store design, we bring the wisdom of Nan culture to create economic innovation through the store design. Customers can enjoy delicious ice-cream with a special ambience. We consulted with Nan historians, cultural experts and local designers  for store design,  to ensure that store ambience truly resonates with the local culture.

    Additionally, Swensen’s also adds a special menu ‘Bualoy Coconut Ice-cream’, which is available only in this store. If you travel to Nan, then do not forget to visit Swensen’s – Nan Regional Flagship Store and you will be truly impressed.

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  • Aussie beverage company Made removes natural sugars from milk

    Aussie beverage company Made removes natural sugars from milk

    The TPG-backed Made Group is tapping into the growing health trend of low sugar drinks and increasing its focus on sustainability by using innovative technology to create a milk product, ReMilk.

    Made Group was the first Australian company to launch vitamin-infused bottled water (NutrientWater), coconut water, high-protein breakfast drinks, and cold-pressed juices with an extended shelf life – beating giants such as Coca-Cola Amatil and Asahi’s Schweppes to the market by several years.

    Now, co-founders Luke Marget and Matt Dennis are expanding the business after signing a deal last year with TPG Capital, which has a 60 percent stake. Following the equity injection, Made’s enterprise value is between $300 million and $350 million.

    They are not only widening their portfolio of non-dairy products such as Loco, a plant-based cream alternative, and Cocobella coconut yoghurt, but also turning to specialty fresh dairy using cow’s milk from Victoria’s Gippsland region.

    Mr Marget said more “flexitarians” were emerging – those who were semi-vegetarian and ate mostly plant foods with the occasional inclusion of meat.

    “We recognize that there are vegan consumers who are dedicated to a full plant-based diet, but the percentage of those globally is pretty small,” he said.

    “But what we’re seeing is a trend towards an increasing number of flexitarian consumers that are still interested in products like dairy that had a nutritional powerhouse, but also looking at complementing their diet with plant-based products from time to time, so that’s why we can offer consumers different choices.”

    Cow’s milk is mostly made up of water; the other components are fat, lactose and minerals such as calcium. Plant-based milk is low in protein and can also have less calcium, which is needed for strong bones.

    Mr Dennis said innovation had been lacking in recent years in the milk category. Through a cold filtration technology process, half the natural sugar of ReMilk was removed, he said, but it had more proteins than regular milk.

    After the cold filtration process, ReMilk also becomes lactose-free as any remaining lactose is converted into other sugars such as glucose and galactose by using natural lactase enzymes that are added to the milk.

    “The thing that struck me about the ReMilk proposition is it’s obviously addressing some of those sort of nutritional requirements that many consumers are seeking, but also addresses a more sustainable solution,” Mr Dennis said.

    “This is a product which appeals to a broad audience.”

    More than 50 per cent of Australians are estimated to have some form of lactose intolerance, a figure that rises to 70 per cent in Asian countries.

    Mr Marget said the removed lactose offshoot could be used in other products such as baby formula, and this would help reduce the group’s carbon footprint and cut wastage.

    Consumers are becoming increasingly conscious of their purchasing patterns and seeking out more sustainable solutions.

    A recent LEK Consulting sustainability survey across the UK, the US and Australia showed that more than half the 2700-odd people surveyed were turning their backs on unsustainable choices and willing to pay a premium for sustainable brands, especially for products in pet care, beauty and household basics.

    ReMilk has invested in a renewable packaging format called Tetra Rex by Tetra Pak, made from a combination of plastics derived from sugar cane and paperboard.

    The pair say that by swapping regular milk with ReMilk, consumers would remove 1.7 kilograms of sugar from their diet every year.

    They say their ReMilk product, made under the Rokeby Farms label, is not to be confused with an Israel-based start-up dubbed Remilk, which makes dairy-like products but not with cow’s milk.

    “This is our brand that we created using our innovation,” Mr Marget said.

    He said there had been a focus on accelerating sales into Asia for the larger Made Group suite of productions, but ReMilk was focused on winning a share in Australia’s $3.2 billion milk category.

  • Campbell’s launches wellness soups

    Campbell’s launches wellness soups

    Campbell Soup Co. has updated its nutrition metrics to set higher health and wellness standards for new and existing products, according to the company’s 2022 Corporate Responsibility Report. These new metrics are built upon three main tenets: focusing on nutritious foods, reducing negative nutrients and quantifying product affordability and accessibility. This system represents an effort by Campbell Soup to concretely track health and wellness progress to share with stakeholders, according to the company.

    The updated reporting system, which sets standards for nutrition-focused foods, logs nutritional content based on the categories “Cannot Exceed” as well as “AND Must Meet at Least 1,” both according to product serving size. The “Cannot Exceed” category sets limits for “negative nutrients,” such as calories, saturated fat, trans fat, sodium, and added sugar. The “AND Must Meet at Least 1” category lists “positive nutrients,” including protein, fiber, vitamins A, C and D, potassium, calcium, iron, vegetables, fruit, and whole grains. Similar to the negative nutrient list, Campbell Soup provides daily value serving suggestions for each positive nutrient. In Campbell Soup’s current portfolio, 56% of products meet the criteria for nutrition-focused foods, according to the company.

    Through product innovation and renovation, Campbell Soup hopes to implement nutrition guidelines across the company’s entire portfolio to reduce the presence of negative nutrients. The guidelines include category-specific limits for the previously listed negative nutrients but are less stringent than the corporate reporting nutrition metrics, according to the company. Categories for negative nutrient measurement include beverage, soup/stock/broth, simple meals, salsa and dips, sauce, bread and rolls, sweet snacks and savory snacks. With the guidelines, Campbell Soup is implementing nutrition expectations across the company’s culinary and nutrition teams, to re-establish product development standards. Currently, 69% of Campbell Soup’s current portfolio meets the updated product development guidelines, according to the company.

    The final mission of the company’s updated nutritional standards is to track accessibility and affordability. Doing so, Campbell Soup hopes to home in on the needs of economically insecure consumers and expand access to high nutrition/low cost meal options. One area this can already be seen is in the nutrition-focused food category, which averages just 62¢ per serving while the company’s entire portfolio averages 65¢ per serving. Additionally, 71% of Campbell Soup’s meals and beverages meet the requirements for at least one federal nutrition program, including WIC Eligible Foods, SNAP Staple Foods for Retailer Eligibility, and USDA Smart Snacks, and about 53% of the company’s family meal recipes cost less than $3 per serving. To expand access to meal planning, which may lead to less food waste and easier budgeting, the company created an online three-day meal planning resource, which may be found here. Highlights of the meal plan include incorporating meatless and plant-based dishes into the cooking rotation and eating fresh fruits and vegetables.

    Campbell Soup already has begun implementing these health and wellness metrics with some of its newer brands, including Well Yes! soups. Well Yes! soups debuted five years ago as a better-for-you option and continue to expand according to consumer needs. In 2021 new varieties were released that included trending ingredients such as cauliflower, bone broth and chickpeas. Similarly, the Campbell V8 brand launched two new on-trend vegetable juice flavors last year — carrot ginger and beet ginger. Other health initiatives have been undertaken across Campbell Soup brands, including Prego and Pacific Foods, which have launched their own plant-based and alternative dairy products in the past year.

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  • Pizza 4Ps loss doubles to $1.66 million

    Pizza 4Ps loss doubles to $1.66 million

    Pizza 4Ps racked up a net loss of VND38 billion ($1.66 million) last year, as it struggled to recover from Covid-19 hits.

    The chain, produces pizzas, cheese and other dairy products, had posted its first ever loss of VND20.8 billion in 2020.

    Before the pandemic hit, the chain earned profits of over VND50 billion in 2018 and 2019.

    Pizza 4Ps charter capital has also fallen to 28 percent to VND98 billion, driving its debt-to-capital ratio up from 0.66 to 1.99.

    It issued bonds worth VND21 billion last year to build new outlets and a cheese factory.

    Founded in 2011 by a Japanese couple, Pizza 4Ps has 25 outlets in HCMC, Hanoi, Da Nang, Hai Phong and Nha Trang.

  • Rice export prices rise to 3.5-month high

    Rice export prices rise to 3.5-month high

    The prices for Vietnamese 5 percent broken rice rose to $420 per ton late March, the highest in the past 3.5 months.

    Vietnam exported 1.48 million tons of rice worth $715 million in the first three months this year, up 24 percent in volume and 10.5 percent in value against the same period last year, according to the Ministry of Agriculture and Rural Development.

    The ministry said stable global demand and high transportation costs resulted in March’s price hike.

    Vietnam’s 5 percent broken rice was sold at $415-420 per ton in late March, up $20 per ton from the beginning of the month. On average, the rice has cost $414 per ton in the world market in March, up $16 per ton against February.

    Meanwhile, Thailand’s 5 percent broken standard rice was sold at $408-412 a ton, down $16 from the beginning of the month as the baht continued to drop against the dollar.

    Vietnam exported over 6.2 million tons of rice for nearly $3.3 billion last year, according to the General Department of Vietnam Customs.

    The average export price of Vietnamese rice rose 5.5 percent in 2020 to $526.8 per ton in 2021, according to the agriculture ministry.

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