Make good use of FTAs to dominate new markets and increase the competitiveness of Vietnamese rice

The Ministry of Industry and Trade said that the Ministry will coordinate with the Ministry of Foreign Affairs and the Ministry of Agriculture and Rural Development to well exploit the preferential mechanisms of FTAs in which our country is a member to proactively negotiate with partners to diversify diversify export markets, dominate new, potential markets and improve competitiveness for Vietnam's rice industry.

 According to the Ministry of Industry and Trade, in the past 7 months, the country has exported 4.83 million tons of rice, leaving about 2.67 million tons for export in the remaining 5 months of 2023. Photo: VNA

Monitor information and develop markets

Last week, the price of Vietnamese fragrant rice was negotiated at about 580 - 630 USD/ton.

Traders said that Vietnamese fragrant rice was at times offered for sale at prices up to 700 USD/ton. Meanwhile, Thailand's 5% broken rice is offered at a price of 650 - 655 USD/ton and similar rice from Vietnam is offered at 620 - 630 USD/ton.

Asian exporters have increased their rice offering prices by about 20% since India issued a ban on exports of non-basmati white rice last month.

According to the Ministry of Industry and Trade, in the past 7 months, the country has exported 4.83 million tons of rice, leaving about 2.67 million tons for export in the remaining 5 months of 2023.

To continue implementing the assigned tasks in Official Telegram No. 610/CD-TTg and Directive No. 24/CT-TTg of the Prime Minister on firmly ensuring national food security and promoting To produce and export rice sustainably in the current period, the Minister of Industry and Trade issued Directive No. 07/CT-BCT dated August 15, 2023 on strengthening market information and trade promotion. , developing the rice export market and stabilizing the domestic market in the current period.

According to the representative of the Ministry of Industry and Trade, the Ministry will also urgently review and complete the Decree amending and supplementing Decree No. 107/2018/ND-CP of the Government on export business to complete the legal corridor for rice export mechanism, creating a transparent, fair and favorable business environment for rice export traders.

Along with that, continue to closely monitor the situation of the world rice trade market, the moves of major producing and exporting countries and promptly inform ministries, branches, Vietnam Food Association, and traders. rice export business to proactively regulate rice production, business and export activities, ensuring suitability and efficiency.

The Ministry will also preside over and coordinate with relevant agencies to implement programs and trade activities, promote products, and promote rice trade in accordance with the new situation to enhance the value of rice products of the country. Vietnam.

At the same time, coordinate with the Ministry of Foreign Affairs and the Ministry of Agriculture and Rural Development to exploit preferential mechanisms of FTAs of which our country is a member to proactively negotiate with partners to diversify export markets. export, dominate new, potential markets and improve competitiveness for Vietnam's rice industry.

In particular, the Ministry of Industry and Trade will also guide and support rice traders and exporters to improve production and business capacity; Ability to negotiate, sign and implement export contracts and effectively handle international trade disputes.

Along with that, continue to promote trade promotion activities, combining flexibly and effectively between traditional and online trade forms to promote rice trade cooperation with traditional markets. systems (such as the Philippines, Indonesia, Africa, China) and exploit niche markets with fragrant rice and high-quality rice that we have penetrated in recent years (such as the EU, Korea, United States, North America...).

Coordinate with the Vietnam Food Association to strengthen propaganda to raise traders' awareness of the regulations of multilateral and bilateral cooperation mechanisms that our country has signed to make the most of tax quotas. agency for Vietnam.