The figures were released at a meeting of the board of directors of the Vietnam Food Association (VFA) in Kien Giang province on April 8.

Following the VFA, the sharp drop in rice exports in the first quarter was due to changes in domestic and foreign markets. Market demand had decreased, resulting in a constant reduction in the price of rice, especially in the African market.

In addition, Pakistan and Myanmar made the most of their competitiveness thanks to advantages in transport costs and lower rice prices than in Thailand and Vietnam.

As of now, the VFA has almost finished buying 1 million tonnes of rice from farmers to keep in stock. In the second quarter, the VFA will continue to buy rice from the winter-spring crop for the consumer market.