Vietnam had shipped over six million tonnes of rice abroad as of December 17, generating US$2.445 in FOB value and US$2.542 in CIF value.
According to the Viet Nam Food Association (VFA), in the last quarter this year, rice exports hit 2.21 million tonnes, up 200,000 tonnes over the set target. This result is thanks to the increase in the purchasing of rice products from traditional export markets including the Philippines, Indonesia and China.
Notably, 2015 saw an increase of fragrant and premium rice exports, accounting for 47% of total rice exports.
Asia remains the largest rice import market of Vietnam, accounting for nearly 74% of the country's rice export value.
Currently, the price for exported rice is US$375 per tonne, an increase of US$35 per tonne compared to September, but down US$25 per tonne since the beginning of the year.
The UN Food and Agriculture Organisation (FAO) has estimated Vietnam’s rice exports at 6.3 million tonnes in 2015, equal to 2014; meanwhile the US Department of Agriculture (USDA) forecast that Vietnam would export 6.7 million tonnes of rice. The VFA lowered the country's 2015 rice export target to 5.91 million tonnes, a decrease of 6.5% against the earlier target.
The VFA said that 2016 would be a difficult year for Vietnam’s rice exports due to lower demand from Asian markets in the first quarter of the year as well as competition from Thai rice.