HANOI- Vietnam’s rice exports this year are expected to be higher than 7.6 million metric tons, Vietnam Food Association’s chairman said on Thursday.
The Southeast Asian country is the world’s third-largest rice exporter after India and Thailand, and its largest buyer is the Philippines.
India’s recent moves to ease its rice export restrictions will not have any significant impact on Vietnam’s rice shipments, Chairman Nguyen Ngoc Nam told Reuters.
“Domestic rice inventory is not high now, while Vietnam’s rice markets are different from India’s,” Nam said.
India last month allowed exports of non-basmati white rice, and cut export duty on parboiled rice to 10 percent, buoyed by a new crop in the offing and higher inventories, sending global prices down.
Vietnam’s rice exports in the first nine months of the year rose 8.9 percent to 6.99 million tons from a year earlier, according to government trade data.
Rice export revenue in the January-September period rose 23 percent to $4.35 billion, according to the data.
Vietnam will strive for a economic expansion of 7.6 percent to 8 percent in the last quarter of 2024 and is maintaining its full year target of 7 percent growth following positive results in the third quarter, the government said on Monday, citing the planning minister.
Gross domestic product grew 7.4 percent year-on-year in the third quarter, surpassing the second quarter’s revised 7.09 percent expansion, the government data showed on Sunday, despite the impacts of natural disasters last month.
Vietnam reported its strongest economic growth in two years in the quarter to end-September, as strong exports and industrial production and rising foreign investment offset the effects last month of Asia’s strongest typhoon so far this year.
Gross domestic product grew 7.4 percent year-on-year in the third quarter, surpassing the second quarter’s revised 7.09 percent expansion, the government’s General Statistics Office said in a report.
Vietnam is a regional manufacturing hub for multinational corporations including Samsung Electronics and Apple suppliers Foxconn and Luxshare, and has drawn a steady influx of foreign investment.
Data for September showed that exports rose 10.7 percent from a year earlier while industrial production was up 10.8 percent, it said.
Foreign investment inflows in the first nine months of this year rose 8.9 percent from a year earlier to $17.3 billion.
