Rice exporters from Vietnam seek government intervention after Philippines ban, the country’s largest buyer, triggered a drop in shipments and rice prices. Notably, Philippines imposed a rice import ban to safeguard its local farmers and extended it further till the year end. The rice imports ban is an alarming situation for Vietnam rice exporters as they can struggle to sell an estimated four million tons of surplus rice from the upcoming winter-spring harvest, warned, Do Ha Nam, chairman of Intimex Group and head of the Vietnam Food Association during a meeting between agro traders and Prime Minister Pham Minh Chinh.
Vietnamese Rice Exporters Seeks Govt. Help
Vietnam rice exports are expected to touch the export figure of around eight million tons of rice this year, potentially ranking as the world’s second-largest supplier. But shipments to the Philippines, which typically absorbs about half of Vietnam’s export volume, have been disrupted after Manila suspended rice imports for the past three months to protect local farmers.
The Philippines plans a partial reopening in January, but Nam said only 300,000 tons would be allowed before restrictions resume. “In this situation, rice prices may decline sharply,” Nam said, urging the government to work with the Philippines on the market reopening. Notably, after the Philippines rice import ban Vietnam export sector is facing a major turbulence.
Rice Traders to Get Special Permission
During, the meeting held between agro traders and Prime Minister Pham Minh Chinh Do Ha Nam also proposed that major rice traders, including state-owned firms, be allowed to purchase and store rice for up to six months to stabilize prices. He also called for greater focus on markets in the Middle East and Africa, citing progress in securing a government-to-government deal with Bangladesh this year.
In response to concerns by Do Ha Nam, Agriculture and Environment Minister Tran Duc Thang said that Vietnam exports expand to nearly 200 rice import markets, and exports roughly eight million tons annually. He further said that rice exporters should not be overly concerned about the Philippines ban.
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