(Nhan Dan Newspaper) The Free Trade Agreement between Vietnam and the European Union (EVFTA) has brought unprecedented opportunities for Vietnamese rice. based on tariff concessions, Vietnam exports various fragrant rice and high quality rice to the EU, which has been well received.
According to statistics, In the first four months of 2022, Vietnam exported more than 30,000 tons of rice to the EU with an export value of $23 million. In the first quarter of 2022, Vietnam exported more than 22,500 tons of rice to the market, earning nearly $18 million foreign exchange, with a year-on-year growth of nearly 3 times and 3.3 times, respectively.
Within the European Union, Italy became Vietnam's largest export market for rice, with exports to the market increasing 26 times over the same period. Other major markets are Germany, France, the Netherlands and Sweden.
The import and Export Bureau of the Ministry of Trade and Industry assessed that the results showed that Vietnamese companies have effectively taken advantage of the EVFTA to increase rice exports to the EU.
Under the EVFTA, Vietnam has an annual export quota of 80,000 tons of rice to the EU, including 30,000 tons of white rice, 20,000 tons of brown rice and 30,000 tons of fragrant rice. In particular, the EU has no restrictions on Vietnam's broken rice, so Vietnam can export about 100,000 tons of broken rice to the EU every year.
According to trade experts, as Vietnam's rice market share in the EU is still limited, accounting for only 3.1 % of the EU's total rice imports, Vietnam's rice export potential to this market is still huge. Vietnam's rice exports to the EU are expected to continue to increase in the coming years, especially in 2022, as the competitive price and quality of Vietnamese rice are improving day by day, as well as the advantages from the Vietnam-Eu free trade Agreement. However, the current COVID-19 situation in Europe remains severe and complex, and shipping costs remain high, which may make it difficult to use the EVFTA to promote rice exports to the EU market in 2022.