Seminar discusses world rice prospect

A seminar on prospects for the world rice market in 2011 was held in Ho Chi Minh City on November 4 by the Institute of Policy and Strategy for Rural and Agriculture Development and the Vietnam Chamber of Commerce and Industry.

Vietnam’s rice exports increased by 8.4 percent per year and the price of rice rose by 14.7 percent per year from 2005 to 2010. This year, Vietnam is expected to ship 6.6 million tonnes of rice, earning US$2.87 billion.

In the first half of this year, the price of rice on the world market declined but is heading back up in the remainder of the year. Climate change and financial and monetary instability have badly affected the food market. Food security is getting more and more challenging for many countries. For food producers like Vietnam, this is an excellent opportunity, but could also be a problem without good information and accurate forecasting.

Participants at the seminar said the Vietnamese rice sector has good prospects for growth but also faces unusual fluctuations. To be the world’s leading rice exporter, Vietnam must bolster its national storage system, improve farmers’ productivity and devise the right competitive strategy. – VOV

Posted by VBN on Nov 4 2010. Filed under Agriculture. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry