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Bangladesh Explores Vietnam’s Rice Production For Import Deal

Bangladesh Explores Vietnam’s Rice Production For Import Deal

With waning effect of Covid-19, people had high hopes from the year 2022. However, the year turned out to be a bummer for the people around the world in general and for the people related to agro-trade industry in particular.

The Russian invasion of Ukraine started early on in the year and that set the momentum for rest of the year. The war between Russia and Ukraine disrupted the entire supply chain and pushed several nations on the brink of food crisis. To add to it, adverse weather conditions around the world simply worsened the issue. Low domestic output because of unusual weather conditions forced several nations to restrict their exports of food and agro –commodities and as a result, countries around the globe were struggling to meet their domestic needs, with poor and developing countries facing the most heat.

One such country is Bangladesh. Located in Asia, Bangladesh is having a hard time meeting its domestic needs. Like other countries, Bangladesh too suffered a huge setback due to the Russia-Ukraine war, but what intensified the sufferings for the people of Bangladesh was high monsoon rainfall which led to flooding and hampered domestic crop yield. This forced the Asian nation to rely on imports for its domestic consumption. However, luck does not seem to be in its favor this time around.

At a time, when stakes were high, its neighbor India, restricted rice exports which further added to the blow. India being the largest Rice Exporter in the world holds a commendable 40% share in the global rice trade and restrictions on exports meant that Bangladesh’s suffering was bound to increase.

However, as it seems, the country has found its alternative rice exporter. Bangladesh is closely analyzing Vietnam’s rice production, as it hopes to strike a deal with the third largest rice exporter for imports of rice.

Vietnam: A Potential Rice Supplier For Bangladesh

Located in Southeast Asia, Vietnam is the third largest rice exporter in the world. Just like India, the country enjoys favorable climatic conditions and as a result, Vietnam on an average 26 million tons-28 million tons of rice every year. It is because of these features, that Bangladesh is eyeing to strike a rice import deal with Vietnam, this time around.

With restrictions on exports of rice from India, Bangladesh already has limited options to choose from. While the country needs the staple to feed its citizens, restrictions on exports of rice have made it significantly difficult for the country to source the commodity in the global markets and thus Bangladesh is now hoping to strike a deal with Vietnam for imports of rice.

In a recent session with the leadership of Vietnam Southern Food Corporation (VINA), Bangladeshi Minister of Food, Sadhan Chandra Majumder, said that Vietnam has emerged as a potential rice supplier and the Bangladeshi delegation has inquired into the rice product capacity of VINA with hopes to strike a rice import deal.

Meanwhile, Chair of Directors of VINA, proposed for support from Bangladesh for extending the MoU, which is on lines for expiry on December 31,2022 in light of the present situation, Bangladesh won’t hesitate to extend the same as it benefits the country only and that too at a time when the stakes are high.

Conclusion

Located in India’s east, Bangladesh is having a tough time meet its domestic needs. Restrictions on rice exports from India have made it difficult for the Asian nation procure rice for its domestic consumption and to ease things up a bit, Bangladesh is analyzing Vietnam’s rice production closely with hopes to strike an import deal with the third-largest rice exporter of the world.

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