Vietnam’s rice exports to Africa since early this year has reached 375,000 tonnes, up by 145% against the same period last year, according to trade ministry. This populous continent has become the second largest rice importing market of the country. It is expected that by the end of this year, total rice imports from Vietnam by African countries will reach 675,000 tonnes.
Trade ministry judges that the country’s exports to Africa will be promising in the near future as low-quality rice prices of other rice exporting countries are all higher than that of Vietnam.
At present, the trade ministry is recommending that the government allow rice traders that have won contracts to export rice directly to Africa to borrow loans from the Development Assistance Fund (DAF) at soft interest rates. Since early this year, DAF has lent around 744 billion dong to local rice exporters.