Vietnam aims to increase market share in Africa

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 ...