Top exporter Vietnam's rice imports edge up
Sunday, 25 July 2010
HANOI, July 24 (Commodity Online): World's second largest rice exporter Vietnam's rice imports edged up in the first six months of this year.
According to Vietnam Customs, the country imported $1.6 million worth of rice in the first six months of this year, a slight increase over the same period of 2009.
Vietnam, the second largest rice exporter also imports the commodity mostly to produce animal feed.
The imports mostly came from Thailand, Singapore, Taiwan China and India.
Analysts said traders resort to imports as they can make the same profit when selling foreign rice and domestic rice; however, it is easy to import and sell foreign rice.
They said foreign rice now accounts for five per cent of the total 50 kinds of rice available in Vietnam's super market chain.
It is estimated that 10 tonnes of foreign rice is sold monthly. Foreign rice is priced at 30,000 dong per kilo on average, while the best Vietnamese rice sells at 20,000 dong per kilo. The consumers are high income earners or foreigners living in Vietnam.
Foreign rice can also be easily found at supermarkets and food stores that sell Japanese and South Korean food, with relatively high prices of 230-310,000 dong per pack of five kilos.
Vietnam is well known throughout the world as a big rice producer and second biggest rice exporter. It produces 35 million tonnes of rice every year.
However the country must import thousands of tonnes of rice bran to make animal feed.
Rice bran accounted for one per cent of the total revenue of animal feed products in 2009, but this has increased sharply over the past two years.
According to Vietnam Customs, the country imported $1.6 million worth of rice in the first six months of this year, a slight increase over the same period of 2009.
Vietnam, the second largest rice exporter also imports the commodity mostly to produce animal feed.
The imports mostly came from Thailand, Singapore, Taiwan China and India.
Analysts said traders resort to imports as they can make the same profit when selling foreign rice and domestic rice; however, it is easy to import and sell foreign rice.
They said foreign rice now accounts for five per cent of the total 50 kinds of rice available in Vietnam's super market chain.
It is estimated that 10 tonnes of foreign rice is sold monthly. Foreign rice is priced at 30,000 dong per kilo on average, while the best Vietnamese rice sells at 20,000 dong per kilo. The consumers are high income earners or foreigners living in Vietnam.
Foreign rice can also be easily found at supermarkets and food stores that sell Japanese and South Korean food, with relatively high prices of 230-310,000 dong per pack of five kilos.
Vietnam is well known throughout the world as a big rice producer and second biggest rice exporter. It produces 35 million tonnes of rice every year.
However the country must import thousands of tonnes of rice bran to make animal feed.
Rice bran accounted for one per cent of the total revenue of animal feed products in 2009, but this has increased sharply over the past two years.