The door wide open for Vietnamese rice into UK market Incentives brought about by the implementation of the impending UK-Vietnam Free Trade Agreement (UKVFTA) are expected to assist Vietnamese rice exporters in increasing their market share in the UK, according to experts. Currently, the UK is viewed as a potentially lucrative market for Vietnamese rice. According to the Ministry of Industry and Trade, Vietnam exported 617,000 tonnes of rice last year, a rise of 10% compared to 2018. Despite the rise, Vietnamese rice export volume to the UK market remains modest at just 0.2%, ranking 22nd among the UK’s largest rice exporters. Phan Van Co, marketing director of VRICE Co. Ltd., explained that Vietnamese rice exported to the UK is subject to high tariffs of approximately 17%, making it more challenging to compete with other regional rivals such as India, Pakistan, and Thailand. In addition, he said rice exporting businesses also have to satisfy various stringent requirements set by the demanding market. Aside from fulfilling the Global GAP, Hazard Analysis, Critical Control Points (HACCAP), and ISO standards to export to the United States and the EU markets, the businesses are required to meet additional criteria, such as ensuring human rights… Read full this story
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