Bags of rice are stocked at Dong Thap Food Co's warehouse. Viet Nam has earned more than $1 billion from exporting rice since the beginning of this year. — VNA/VNS Photo Dinh Hue

HA NOI (VNS)— Viet Nam exported 2,385 million tonnes of rice by the middle of this month, reaching a revenue of more than US$1 billion so far this year, said the Viet Nam Food Association (VFA).

The figures have the country meeting 30 per cent of its rice export targets, which are set at 7.5 million tonnes this year.

Last year, the country exported 7.72 million tonnes of rice.

Market data showed that global rice exports have been stagnant due to abundant supplies from major rice exporters around the world.

Domestic rice value, in line with the global trend, has been falling. The International Rice Research Institute forecast that India, the world's largest rice exporter, would ship only 7 million tonnes of rice this year, 32 per cent less than the record high of 10.25 million tonnes last year.

Thailand is forecast to export more rice, at 8.5 to 9 million tonnes of rice this year, higher than the level of 6.95 million tonnes last year. Viet Nam's rice exports are expected to top 7 million tonnes this year.

Another forecast from the US Department of Agriculture said India would export 9 million tonnes of rice this year.

According to VFA, higher quality broken rice is sold at VND7,550 -7,650 per kilo while lower grades sell for VND7,250-7,350 and as low as VND7,050-7,150 per kilo.

The Food and Agriculture Organisation (FAO) forecast world rice productivity would increase by 2.1 per cent this year to 497.7 million tonnes. Rice inventories would reach 171.8 million tonnes due to a surplus of supplies over demand. — VNS