Ministry of Industry and Trade Collaborates on Rice Export Decree to Meet Market Demands.

Rice export remains a positive aspect of the agricultural sector despite the challenges faced by the national economy. From January to June of this year, Vietnam successfully exported 4.27 million tonnes of rice valued at US$2.3 billion, marking a 22.2% increase in volume and a 34.7% increase in value compared to the previous year.

However, there are certain areas that need improvement in terms of market development, market strategy, and competition from other rice-exporting countries.

To ensure the completion of the draft decree, the Prime Minister has urged relevant ministries to provide favorable conditions for farmers and businesses to conduct research and development on high-yield and high-quality rice varieties that meet market requirements. Additionally, they are encouraged to effectively utilize Vietnamese rice brands.

The Ministry of Industry and Trade is working collaboratively with relevant ministries, agencies, and localities to finalize the draft decree on rice export and trading within the third quarter of this year, catering to both local and global market demands.

Furthermore, bilateral and multilateral negotiations should be promoted in order to establish agreements related to conformity assessment, mutual recognition of quarantine measures, product quality standards, and food safety standards with key markets. This will enable Vietnam to fully capitalize on opportunities for market penetration.

The Ministry of Industry and Trade has also been tasked with enhancing trade promotion activities while maintaining traditional rice export markets such as the Philippines, China, Indonesia, Africa. They are also encouraged to explore potential markets resulting from free trade agreements. Efforts should be made to enter new markets like the European Union, Republic of Korea (South Korea), United States, and North America where there is demand for fragrant and high-quality rice.

Market research plays a crucial role in assessing import demand as well as ensuring access to import markets. It is essential that information is promptly updated for the Vietnam Food Association and rice exporters in order to support their export and trading activities.

In addition, it is important to review and negotiate preferential trade agreements with potential export markets. The implementation of existing agreements should be assessed in order to request an increase in export quotas for Vietnam.

Businesses must stay well-informed about the provisions of new-generation free trade agreements and bilateral agreements to maximize the benefits of tariff quotas for Vietnamese rice.

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