According to a US Department of Agriculture forecast for 2010, Asian countries will continue to be potential rice export markets for Vietnam.

 

The US Department of Agriculture (USDA) forecasts that the total rice import demand in Asian in 2010 is around 14.8 million ton, an increase of 7% in comparison with 2009. The import demand will mainly increase from South East and Middle East nations: Iraq a 10% increase, Bangladesh an estimated 185.7% increase, Philippines 30% increase, Saudi Arabia 2.2% increase, Indonesia 20% increase, and Malaysia 2.41% increase.

 

The Vietnam Market Forecast and Analysis Joint Stock Company (Agromonitor) said that in 2010 Asia the traditional markets of the Philippines and Malaysia are still potential markets for Vietnam’s rice export because rice exported to Asian countries over the past year accounted for 61.68% of the total rice export revenue of Vietnam (comparison with 50.8% in 2008).

 

Rice export to the Philippines accounted for more than half of the total exported and for 35% of the total 2009 rice export revenue of Vietnam. The amount of rice exported to the Philippines in 2009 reached nearly 1.7 million tons worth more than 912 million USD.

 

Malaysia moved from the third position in 2008 to second in 2009 garnering 9% of rice exports, equivalent to 611 tons of rice worth 271 million USD.

 

Singapore, East Timor, Taiwan, and Iraq were the other top ten Asian nations that imported Vietnamese rice in 2009.

 

However, according to Agromonitor, Vietnam should further diversify its export markets in 2010 to lessen dependence on traditional partners as well as export contracts signed by the government.

 

Moreover, it needs to have a more encouraging mechanism for business development and search for new markets and partners to export rice at the most profitable price.

 

(CPV)