Vietnam to export rice to South Korea

Economy

Vietnam to export rice to South Korea

Monday, January 20, 2020

The Ministry of Industry and Trade (MoIT) announced that Vietnam and South Korea had signed an export agreement of all types of rice grown by the former to the latter with a quota of more than 55,000 tons for Vietnam only.

South Korea is a new market for Vietnamese rice this year.

According to the MoIT, in the framework of bilateral consultations with the Republic of Korea on the tariff of rice products under the WTO, Vietnam signed with Korea - in the multilateral agreement between Korea and five WTO partners, including Australia, the US, China, Thailand and Vietnam - on the allocation of tariff quotas and bilateral correspondence between Vietnam and Korea on allocation of tariff quotas.

Accordingly, starting from January 1 this year, besides allocating a quota of 20,000 tons of rice to all the members of the WTO, South Korea gives a quota of 55,112 tons of rice for Vietnam only.

According to the Import-Export Department under the MoIT, the quota allocated for Vietnam includes all rice varieties that the country are able to grow and export. South Korea will ensure to apply a quota allocation mechanism in accordance with the regulations of the WTO and will not cause import restriction effects. The Ministry of Agriculture, Food and Rural Affairs of South Korea will conduct annual auction in the form of competition to import the private quota of Vietnam as well as from other countries which have already been allocated.

To make use of the opportunities to access the Korean market via this agreement, contributing to increasing export turnover of rice, the Import-Export Department has sent an official dispatch to provinces and municipalities and the Vietnam Food Association for them to timely inform rice exporters about this information.

SGGP

Other news

Yen Bai Accelerates the Development and Application of Biotechnology in Environmental Protection

Development and Application of Biotechnology, Production of High-Value Biotechnology Products in Agriculture.

With the aim of advancing the development and application of biotechnology in environmental protection linked to sustainable development in the province, the People's Committee of Yen Bai has issued a plan for implementing the project on the development of biotechnology industries in environmental protection until 2030.

Strong Investment Inflow into Yen Bai in the First Quarter of 2025

Yen Bai’s unwavering efforts to improve the investment environment and create favorable conditions for business development.

Yen Bai has experienced a promising start to 2025 in the area of investment attraction. According to the latest data from the Provincial Statistics Office, the total investment capital into the province in the first quarter of 2025 is estimated to have reached VND 3,447.256 billion, marking a notable increase of 9.41% compared to the same period last year.

Yen Bai Businesses Accelerate Toward Year-End Targets

Leaders of the Department of Industry and Trade inspected the production activities of enterprises in the Southern Industrial Park.

The economy of Yen Bai Province has demonstrated remarkable growth in the early months of 2025, with Gross Regional Domestic Product (GRDP) increasing by 9.58%. Notably, the industrial sector experienced a growth rate of 13%. As 2025 is deemed the year of “acceleration and completion,” the province is determined to comprehensively achieve the goals and tasks set for the year as well as those of the 19th Provincial Party Congress Resolution.

Industrial Production Value of Yên Bái Reaches 100.89% of Double-Digit Growth Scenario Target 10,5%

Bamboo processing at Yen Thanh joint Stock Company.

In the first quarter of 2025, industrial production in Yên Bái continued to maintain a steady growth pace.

Economy