The Philippines will purchase 500,000 tons of 25 percent broken rice priced at US$380 per ton from Vietnam’s largest rice exporter Vinafood 2 and a contract signing is expected in early January 2009.
The volume of Vietnam’s aquaculture exports in November dropped to a 6-month record low of US$373.1 million, down 22 percent against October, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam, the world’s fourth-largest rubber exporter, will increase shipments of the commodity by 8.5 percent to 780,000 tons this year, according to Le Quang Thung, chairman of the Vietnam Rubber Association.
The total value of seafood exports is expected to hit 4.3 billion USD this year, despite the industry facing a number of difficulties, according to the Ministry of Agriculture and Rural Development.
The central bank on Friday asked state-owned Bank for Agriculture and Rural Development (Agribank) to offer its cheapest loans to help exporters buy up to 600,000 tons of rice from local farmers.
The Ministry of Agriculture and Rural Development of Vietnam reported on November 24th that the country’s total seafood export turnover reached USD 4 billion so far this year.
Vietnam ’s total export turnover for 2008 is expected to reach over 63 billion USD, surpassing the yearly target of 59 billion USD, according to the Ministry of Industry and Trade.
Vietnam Southern Food Copt., Vinafood II, will export 100,000 tonnes of 5-percent-broken rice to Malaysia at the price of 460 USD per tonne, according to a contract it has concluded.
Vietnamese exports to the US accelerated for the first time since January, suggesting the country’s lower costs may help sustain demand for its products amid a slowing global economy.
The Trade Information Centre of the Ministry of Industry and Trade has released a forecast for agricultural exports in the two remaining months of this year.
Vietnam may have capitalized on its World Trade Organization (WTO) membership but its two years in the trade body has also exposed the shortcomings in its economic management, analysts said at a seminar in Ho Chi Minh City yesterday.
