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  • Rice export prices soar to new record

    Rice export prices soar to new record

    Vietnam rice export prices have reached a new peak of US$663 per ton, the highest price in the world right now, amid rising global demand.

    On Monday prices rose 2% in a single day to $663. Rice from Vietnam’s competitor Thailand has also risen 8% in the last four weeks to $625 while Pakistan’s prices have risen 9% to $600.

    Traders say that rising global demand and declining supply in Vietnam are the reasons for the price hike.

    Dinh Ngoc Tam, deputy CEO of rice exporter Co May, said that India, which used to account for 40% of the global rice market, has not shown any sign of lifting its non-basmati white rice export ban since July.

    Concerns of trade restrictions and the impact of El Nino weather have prompted countries to increase their purchase to pump up reserves, which has sent export prices skyward.

    Up to 90% of Vietnam’s rice varieties are high quality and the country has enough for both domestic needs and exports. It can ship up to 8 million tons globally this year, according to Deputy of Ministry of Agriculture and Rural Development Phung Duc Tien.

    In the first 11 months, Vietnam exported 7.75 million tons worth a total of $4.4 billion, up 36% in value. Many buyers from the Philippines, Indonesia and China are competing to buy the rice.

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  • Vietnam’s coconut export to reach $1B in 2025

    Vietnam’s coconut export to reach $1B in 2025

    Vietnam’s coconut export is expected to reach US$1 billion in 2025 after the U.S. and China agree to allow Vietnamese coconuts to enter the two markets, according to the Vietnam Coconut Association.

    As the U.S. is about to open the market for Vietnamese coconuts and China allows official coconut import, local businesses are trying to develop raw material areas, apply for growing areas codes, and register to build organic material zones to meet the needs of the world market.

    At the end of 2022, coconut export turnover was over $700 million. But based on the momentum of the U.S. and China agreeing to import Vietnamese coconuts, around the end of 2024 and early 2025, coconut export turnover will be up to $1 billion.

    In 2021, the fruit was listed as one of Vietnam’s key industrial crops.

    About 20 large enterprises in the country have exported coconuts to the world. Up to 35 countries and territories are Vietnam’s importers.

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  • Prices of Vietnam’s exported rice highest in the world

    Prices of Vietnam’s exported rice highest in the world

    Prices of Vietnam’s exported rice are still the highest in the world, with that of 5% broken rice reaching 638 USD per tonne, and 25% broken rice $623 per tonne, according to the Vietnam Food Associaion.

    Meanwhile, Thailand’s 5% broken rice is sold at $628 per tonne, and that of Pakistan at 598 USD a tonne.

    In the Mekong Delta – the largest rice granary of Vietnam, the price of paddy rice remains at an unprecedented high level in many localities, helping farmers achieve good profits.

    In July, the United Nations Food and Agriculture Organisation (FAO)’s rice price index rose to its highest level in nearly 12 years. The move was due to a spike in prices in key rice exporting countries after India imposed export restrictions.

    Recently, the Vietnamese Ministry of Industry and Trade announced the list of 210 businesses that are eligible to export rice.

    According to the ministry, in the first seven months of this year, Vietnam exported 4.83 million tonnes of rice. The country plans to export about 2.67 million tonnes in the remaining five months of the year.

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  • Pepper exports rise in volume

    Pepper exports rise in volume

    Vietnam exported 153,000 tons of pepper worth US$483 million in the first half of this year, up 24% in volume but down 13.7% in value year-on-year.

    According to the General Department of Vietnam Customs, the average price stood at $3,184 per ton, a decrease of 29.7% from a year earlier, due to weaker global demand.

    Pepper exports to the U.S., UAE, India, Germany, the Netherlands, the U.K., and South Korea declined by 20-70%.

    China and the U.S.were Vietnam’s biggest markets, accounting for 35% and 16% of its exports.

    According to the Vietnam Pepper Association, China has large inventories of pepper and so will import less in the second half of this year. It had imported 46,169 tons in the first five months of the year.

    Other major importers like the U.S. and the European Union will also import less pepper due to their economic situation and high inventories.

    The price of black pepper in Vietnam is currently VND67,000-69,000 ($2.8-2.9) per kilogram, down VND3,000-5,000 from a year ago, and that of white pepper is VND103,000, down VND6,000.

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  • Export of fruits, vegetables spike in H1

    Export of fruits, vegetables spike in H1

    The export of rice, fruit and vegetables to China and other markets posted surges of 34.7% and 64.2%, respectively in the first half, according to the Ministry of Agriculture and Rural Development.

    Director of the ministry’s Agro-Forestry-Fisheries Quality Assurance Department Nguyen Nhu Tiep predicted export growth of fruit and vegetables to be maintained in the second half if exporters pay attention to quality, design, packaging and origin tracing to meet market demand.

    He said the ministry will sign a Memorandum of Understanding on cooperation in agriculture development and trade in agro-forestry-fisheries China’s Guangxi and Yunnan provinces in September, on the occasion of the 20th China-ASEAN Expo in Guangxi.

    It will also consider working with the Vietnam Trade Office in China’s Nanning to increase farm produce consumption at the expo.

    Efforts will be made to establish the Vietnam-Guangxi association of agro-forestry-fisheries enterprises and the Vietnam-Yunnan association of agro-forestry-fisheries businesses. The ministry will also expedite technical measures to conclude soon a Protocol with the General Administration of Customs of China on food safety requirements, quarantine and inspection for aquatic products imported and exported between Vietnam and China.

    Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said the ministry will focus on trade promotion and market development to boost the export of key agro-forestry and aquatic products to three major markets of China, the US and Japan.

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  • Vietnam’s vegetable, fruit exports likely to hit $4B this year

    Vietnam’s vegetable, fruit exports likely to hit $4B this year

    As one of the few sectors reporting export turnover increase in the first quarter of 2023, Vietnam’s vegetable and fruit sector has a bright outlook to earn $4 billion in export revenue this year.

    Vietnam exported nearly $1 billion worth of fruits and vegetables in Q1, up 8% from a year earlier, with the Chinese market recording an impressive growth of 23%.

    Dang Phuc Nguyen, Secretary General of the Vietnam Fruit Association (Vinafruit), attributed the result to the signing of protocols on exports of durian, sweet potato and banana to China through official channels.

    The export of pomelo to the U.S., and passion fruit to New Zealand was also a driver for the overall growth of the sector.

    Durian was a big contributor to the impressive export results in the first months of this year. The export turnover of this fruit is expected to hit $1 billion, helping the sector’s total figure to $4 billion this year, up 20% year-on-year, said Nguyen.

    The implementation of free trade agreements is also an important driving force helping fruit and vegetable exports to increase sharply in the first months and make an important contribution to boosting the sector’s exports throughout the year.

    Good demand for fruit imports in China can help raise total fruit and vegetable exports in Q2 by 10% or higher, Nguyen noted, predicting that the revenue can reach about $2 billion in the first half of 2023.

    Vinafruit has proposed the Ministry of Industry and Trade (MoIT) and other ministries and agencies, especially the Vietnam Trade Office in China, study and negotiate for the signing of more protocols for several officially-exported products such as dragon fruit, mango, watermelon, jackfruit and rambutan, together with the opening of markets for other fruits such as green-skinned pomelo, fresh coconut, avocado, lemon, pineapple and star apple.

    Besides China, it is also necessary to step up trade promotion activities in other markets such as the U.S., China, the Republic of Korea and Australia, said Nguyen.

    According to the Vinafruit Secretary General, the greatest difficulty at present is that there are not many planting area and packing facility codes to meet the requirements of the Chinese market. Currently, there are only 246 planting area and nearly 100 packing facility codes granted, much lower than the respective 20,000 and 2,000 of Thailand.

    With an area of nearly 110,000 hectares, and an output of around 1 million tonnes per year, there will be a bottleneck in durian exports to China, if no more planting area code is granted this year.

    He also suggested the MoIT and other ministries and sectors to call on investment and advanced technologies for processors to improve the export value, and gain a firmer foothold in such choosy markets as the U.S. and the EU.

    Vietnam Trade Offices abroad were advised to regularly organize Vietnamese fruit festivals to introduce the fruits to people in their host countries and international visitors.

    Vietnam earned nearly $3.4 billion from vegetable and fruit exports last year.

  • Seafood exporter Minh Phu suffers $4.1M loss in Q1

    Seafood exporter Minh Phu suffers $4.1M loss in Q1

    Minh Phu Seafood, one of the country’s biggest shrimp processors, reported a loss of VND95 billion ($4.1 million) in the first quarter, ending its seven-year profitability streak.

    Its revenues fell by half year-on-year to VND2.1 trillion.

    The gross profit margin almost halved from over 11% to less than 6%, while interest on borrowings nearly tripled, contributing to the huge loss.

    In the comparable period last year it had earned profits of VND100 billion.

    For the full year it targets revenues of VND18 trillion and profits of VND1.1 trillion.

    Last year profit growth was in double digits and the highest in a decade.

    According to Agribank Securities JSC, the results of shrimp export companies, including Minh Phu, are bleak because demand in key markets such as the U.S. and EU was weak during the quarter.

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  • Five motorbikes sold in Vietnam every minute

    Five motorbikes sold in Vietnam every minute

    Over 634,000 motorbikes were sold in Vietnam in the first three months, translating to almost five units every minute.

    The figure dropped by nearly 16% year-on-year, according to the Vietnam Association of Motorcycle Manufacturers, which comprises Honda, Yamaha, Piaggio, Suzuki and SYM.

    The motorbike sales figure was 7.3 times that of cars, showing that two-wheelers remain Vietnam’s dominant means of transport.

    In ASEAN, Vietnam ranks second only to Indonesia in motorbike sales with Honda accounting for roughly 80% of the market share.

    Earlier this month Honda hiked the prices of most motorbikes following an increase in costs with the biggest increase being of VND2 million ($85).

  • Rice export prices on the rise

    Rice export prices on the rise

    Vietnam’s rice export prices grew 9.2% year on year to $532 per tonne in the first quarter of 2023, said the General Department of Vietnam Customs.

    The price increase was attributed to a surge in the proportion of high-quality rice such as fragrant, glutinous, and specialty rice.

    High-quality rice is accounting for 50% of the total export volume and sold at $600-1,000 per tonne at present.

    Experts predicted that favourable conditions will remain for rice export and prices will stay good in the short term as the share of high-quality rice is increasing and global economic and political uncertainties are boosting food stockpiling demand.

    Vietnam exported 1.79 million tonnes of rice, earning $952 million between January and March.

  • Tuna exports to UK triple

    Tuna exports to UK triple

    Tuna exports to the U.K. tripled year-on-year in the first two months even as shipments to some main markets like the U.S. and E.U. plunged.

    Exports to the U.K. were worth US$1.3 million, enabled by a 13-fold rise in February, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Vietnam now ranks 13th out of 45 countries and territories that export tuna to that country.

    Last year its exports to the U.K. rose by 10%.

    Other markets to which Vietnam’s tuna exports grew by 32-99% in the first two months were Japan, Thailand, Germany, and Israel.

    They made up the country’s top five markets in the first two months along with the U.K.

    Vietnam’s total exports, however, dropped 30% year-on-year to $109 million in the period.

    The U.S. and the E.U. each posted a 50% decline, which VASEP attributed to rising inflation and a change in consumers’ shopping habit.

    The fact that Vietnam still has a yellow card given by the E.U. for illegal, unreported and unregulated fishing also pose challenges to exports, VASEP added.

    The association expects global demand for tuna to recover in the second half of this year.

    Vietnam has nine tuna species across its seas, with an estimated reserve of 600,000 tons. The three biggest tuna fishing localities are Binh Dinh, Phu Yen, and Khanh Hoa.

  • Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exported 1.7 million tonnes of rice in Q1 worth over $900 million, a 19% increase in quantity and 30% rise in value over the same period last year, according to Vietnam Customs.

    According to the Ministry of Industry and Trade (MoIT), Vietnamese rice has seen some success in improvements in quality and demand over the last several years.

    The majority of exported rice came from the Mekong Delta, with the rest of the country’s rice production centres mainly serving the domestic market.

    Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development (MARD), said rice production this year for the Mekong Delta alone is projected to reach 24 million tonnes. Consumption for the Delta and Ho Chi Minh City, Vietnam’s most populous city, will stay around 11 million tonnes, leaving 13 million tonnes for export.

    Of which, premium-quality rice for export accounts for 3 million tonnes, specialty rice 2.1 million tonnes and regular rice 1 million tonnes.

    Vietnamese rice will likely continue to be sought after in the second quarter of the year as demand has been on the rise in major markets including the Philippines, China and Africa, said the Vietnam Food Association (VFA).

    Nguyen Ngọc Nam, President of the VFA, said Vietnamese rice has been fetching good prices on the international market despite a gloomy outlook for the global economy as countries look to stock up on food for uncertain times ahead.

    In addition, major free trade agreements including the European Union – Vietnam Free Trade Agreement (EVFTA) have seen tariffs on Vietnamese rice reduced by as much as EUR175 per tonne, giving Vietnamese premium rice an advantage in the European markets.

    As demand soars, exporters have been trying to purchase additional amounts from farmers to maximise efficiency and profit. However, many have voiced concerns over a lack of capital.

    Phan Van Chinh, Director of MoIT’s Agency for Foreign Trade, said the ministry has been working closely with exporters to find solutions to minimising logistic costs and dealing with import/export protocols in international markets.

    On the other hand, the ministry said it is to keep a close watch on the amount of rice being exported to ensure the country’s food security.

    In an earlier development, the State Bank of Vietnam (SBV) has ordered commercial banks to review and streamline the borrowing process for rice traders to help them access additional capital sources.

  • Sanctions hit Vietnamese exports to Russia

    Sanctions hit Vietnamese exports to Russia

    Vietnam’s exports to Russia fell by nearly 60% year-on-year to US$205 million in the first two months of this year.

    Iron and steel, footwear and electronics exports almost came to a halt while those of agriculture produce like rice, vegetables and seafood fell by 20-50%, according to the Vietnam Trade Office in Russia.

    Rubber, garment and coffee were the only items whose exports increased.

    The ongoing Russia-Ukraine war is said to be the main cause as sanctions on Russia limit its trade with other countries, including Vietnam.

    Major shipping firms and airlines have stopped their Russia operations, and so Vietnamese business have trouble sending goods to the country.

    Bilateral trade fell by nearly 62% to $402 million.

    The trade office said Russian businesses are increasingly interested in establishing trade partnership with their Vietnamese counterparts, and the number of Russian companies participating in Vietnam’s fairs and exhibitions is rising.

    Many Russian retailers want to sell agricultural products, clothes and footwear from Vietnam, it added.

  • Durian prices plunge by half

    Durian prices plunge by half

    Durian prices have plunged by half in nearly two months as harvest season approaches and supply is abundant.

    Farmers in the southern provinces of Tien Giang, Long An, Binh Phuoc, and Dong Thap sell their Ri6 durian for VND75,000-VND85,000 per kilogram ($3.19-$3.62), down from VND190,000 in earlier February.

    Lanh, a farmer in Tien Giang, said he sold seven tons of durian for VND75,000.

    “I sold quickly due to a fear of a steeper plunge,” Lanh said.

    In Can Tho City, Hanh is selling the lower quality durian for VND45,000 per kilogram, down by half from last month.

    Prices are set to fall further as harvest season in Binh Phuoc and Dong Nai provinces approaches, she added.

    Van Hoa Investment and Development, which buys durian from farmers for export, is offering VND95,000 per kilogram for the highest quality and VND75,000 for the medium segment. The company buys 20-30 tons a day from suppliers.

    Traders say that the increase in supply as the harvest season approaches has pulled down durian prices. Furthermore, other fruits, such as rambutan and plums, will be harvested soon, which will make durian less attractive.

    Prices could fall even further in May when durian farms in the central highlands begin to harvest.

    Vietnamese durian will also have to face competition in the summer with durian from Thailand and the Philippines.

    Vietnam’s durian farming area reached 110,000 hectares by the end of last year after the country was allowed to export the fruit officially to China. This exceeded the government’s plan by nearly 47%.

    In the first two months this year some farmers in the southern and central highlands regions even chopped down coffee, pepper and rice to grow durian as prices surged.

    China is also growing its own durian to meet domestic needs. The country has 93.3 hectares of the fruit on Hainan Island.

    The Laos government has agreed to set aside 30,000 hectares of agriculture land to grow durian specifically for the Chinese market. This is equivalent to around 27% of Vietnam’s durian farming area.

    The Philippines, which earlier this year received permits from China for fresh durian exports, plans to send 54,000 tons of the fruit to the market of 1.4 billion people this year.

    The Vietnamese Ministry of Agriculture and Rural Development has advised farmers to stop switching en masse to durian farming to prevent an oversupply.

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  • Fruit, vegetable exports rise 17.8%

    Fruit, vegetable exports rise 17.8%

    Vietnam’s fruit and vegetable exports in the first two months of this year increased by 17.8% year-on-year to US$592 million.

    China accounted for 57.5% of the exports, according to the Ministry of Agriculture and Rural Development’s department of agricultural products processing and market development.

    Since early February when it reopened after Covid, China has been importing large volumes of Vietnamese agricultural products like durian, jackfruit, watermelon, and sweet potato.

    Exports to Laos have tripled.

    The U.S. and Europe have also imported large volumes of Vietnamese fruits and vegetables.

    A Tien Giang Province-based company told VnExpress that its exports of durian and pomelo to the U.S. and China have been increasing steadily this year. Freight rates have decreased to pre-Covid levels, creating favorable conditions for exporters.

    Surveys in the Mekong Delta show that the prices of durian, dragon fruit, jackfruit, and sweet potato have all doubled or tripled from 12 months ago, with the durian price surging to a record high of VND190,000 ($8) per kilogram at the farm gate.

    Last year exports were worth $3.34 billion, down 5.9% from 2021, according to the agriculture ministry.

    Vietnam imported fruits and vegetables for $289 million in the first two months of this year, a 12% increase, the department said.

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  • Shrimp exports set for difficult year

    Shrimp exports set for difficult year

    Vietnam’s shrimp exports face challenges with prices decreasing and competition from Ecuador and India intensifying, according to the Vietnam Association of Seafood Exporters.

    Global prices have decreased since the second half of last year and are expected to fall further this year as supply rises sharply to six million tons, VASEP general secretary Truong Dinh Hoe said Friday at a shrimp industry conference.

    VASEP general secretary Truong Dinh Hoe says shrimp exporters face fierce competition from Ecuador and India this year. Photo by Anh Minh

    The U.S. has extensive shrimp inventories, and so is sure to reduce imports in the first half of this year.

    When it increases imports in the second half, it will likely opt for small shrimp from Ecuador because of its abundant supply and geographical proximity.

    Vietnamese exports to European markets will be affected by the economic turmoil there.

    Le Van Quang, chairman of Minh Phu Seafood Corp., said Vietnamese shrimp costs are too high due to low aquaculture productivity, making it difficult to compete with Ecuador and India.

    “Our shrimp farming success rate is less than 40%. It is over 90% in Ecuador and more than 60% in India.”

    According to the Directorate of Fisheries, the shrimp output this year is likely to be 1.08 million tons, and exports will fetch US$4.3 billion.

    But VASEP forecast exports to be worth only $4 billion out of total seafood exports of $10 billion.

    Last year shrimp exports had risen by 11% to $4.3 billion.

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