The rice prices account for approximately 9% of the Consumer Price Index (CPI) of the Southeast Asian country. Việt Nam exported 1.44 million tonnes of rice to the Philippines as of May 23, accounting for 72.9% of the total import of the grain of the country. The reduction of rice import tax by the Philippines is said to increase opportunities for Vietnamese rice in the market. Latest data from the Department of Agriculture’s Bureau of Plant Industry, the Philippines' total rice imports rose by 20.3% to 1.97 million tonnes in the reviewed period. The country’s total rice imports are estimated to reach about 4 million tonnes in 2024.
