Vietnam aims to increase market share in Africa

Published 2024년 11월 12일

Tridge summary

Vietnam's rice exports to Africa have seen a significant increase from 411 million USD in 2017 to 692.6 million USD in 2021, accounting for 15-20% of Vietnam’s total exports to Africa. However, exports fell by 10.5% in 2022 due to global food stockpiling and COVID-19 disruptions. In 2023, exports rebounded, reaching 1.3 million tonnes valued at 788 million USD. Demand for rice in Africa continues to rise due to growing populations and influxes of Asian tourists and workers. Urban consumers in Africa, particularly in Ghana, prefer imported fragrant rice. The Asia-Africa Market Department has identified fragrant rice as a rapidly growing export market. To further boost rice exports to Africa, the Ministry of Industry and Trade suggests refining export mechanisms, creating favourable conditions for businesses, leveraging bilateral cooperation frameworks, and improving transparency in the rice market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Rice packaging for export (Photo: VNA) Hanoi (VNA) – Although Vietnam’s rice exports have traditionally focused on Asian markets, experts have advised businesses to pay more attention to Africa which has emerged as a key potential market. A promising market According to the Asia-Africa Market Department under the Ministry of Industry and Trade (MoIT), Africa is an important export market for Vietnam’s rice. The export of this grain to Africa rose to 692.6 million USD in 2021 from 411 million USD in 2017. Rice typically accounts for 15-20% of Vietnam’s total exports to Africa. However, in 2022, Vietnam’s rice exports to Africa declined by 10.5% compared to 2021, reaching only 620 million USD, equivalent to 16% of Vietnam’s total exports to this continent. This drop was largely due to increased global food stockpiling amid economic and political instability, which pushed up rice prices and led some African countries to reduce the import of the food. Furthermore, the COVID-19 ...

Source: Agrifocusafrica