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FAO: Vietnam to have among largest rice quantities this year

Released at: 15:12, 14/06/2017

FAO: Vietnam to have among largest rice quantities this year

Illustrative image (Source: phunudep.com)

UN Food and Agriculture Organization predicts Vietnam will be among Top 5 in 2017 in terms of rice quantities.

by Hai Van

The United Nations’ Food and Agriculture Organization (FAO) has predicted that Vietnam will be among the Top 5 countries in terms of rice quantities in 2017.

The five countries are China (with more than 142 million tons), India (over 110 million tons), Indonesia, Bangladesh, and Vietnam.

Global rice quantities are likely to increase by 0.7 per cent this year compared to last year, to more than 502 million tons, according to the Food Potential report published by the FAO, due to policies promoting production in Asia and the recovery of production in South America and Australia.

After declining for two years, rice exports are expected to increase 5 per cent this year because major importers in Asia have increased their orders to ease inflationary pressure and add to their rice reserves.

Global rice exports are expected to reach more than 44 million tons from just under 44 million tons last year. India will remain the largest exporter, while Thailand and Vietnam are forecast to significantly increase their export volumes.

The international rice price has recovered steadily since the beginning of the year thanks to a surge in demand and exchange rates in India and Thailand. FAO forecasts the rice price index this year will reach 202 points, up 8 per cent against the end of last year.

Vietnam exported nearly 4.9 million tons of rice last year worth $2.1 billion, a sharp decline of 25.5 per cent and 20.5 per cent, respectively, against 2015.

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