FIRST 60 TONS OF VIETNAMESE RICE ENTER UK UNDER UKVFTA

The first tons of Vietnamese fragrant rice exported to the UK under the UK-Vietnam Free Trade Agreement (UKVFTA) have started to be sold on the London market from January 26.

The UK is imposing an import tariff of 17.4 percent on fragrant rice. However, according to the UKVFTA, high-quality Vietnamese fragrant rice imported into the UK market enjoys import tax exemption, making Vietnamese rice more competitive than those produced by other countries, such as Thailand.

According to the forecast by Mr. Nguyen Canh Cuong, Vietnamese Trade Counselor in the UK, thanks to the UKVFTA, high-quality Vietnamese fragrant rice exports to the UK market this year will climb ten times higher compared to last year. The batch of 60 tons of premium fragrant rice imported by Vinaseed's Long Dan Company in the UK is now available for sale at its supermarket chain with a retail price of 15.5 pounds per 10 kilograms or VND465,000 per 10 kilograms.

According to VNA, in 2019, the UK imported more than 671,000 tons of rice, worth US$531 million, ranking ninth among the ten largest rice importers in the world. Of which, Vietnam exported nearly 1,719 tons, worth $1,296 million. Currently, the Vietnamese rice market share in the UK merely accounts for 0.24 percent of the total rice imports to the UK.

Source: sggpnews.org.vn

Publication date: January 28, 2021