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Tiêu đề Planning to Export ST25 Rice from Viet Nam to the United States
Tác giả Pham Thi Kieu Chinh, Nguyen Thuy Linh, Tien Cam Nhung
Người hướng dẫn MSc. Bui Thi Thuy Linh
Trường học Vietnam Maritime University International School of Education
Chuyên ngành International Business
Thể loại Group Project
Năm xuất bản 2023
Thành phố Haiphong
Định dạng
Số trang 32
Dung lượng 2,68 MB

Cấu trúc

  • PART 1. POTENTIALS OF EXPORTING/IMPORTING (4)
    • 1.1 Exporting Market (Vietnam) (4)
      • 1.1.1. General Situation of Rice Production Volume (4)
      • 1.1.2. General Situation of Viet Nam’s Exporting Rice in the World (5)
      • 1.1.3. General Situation of Viet Nam’s Exporting ST25 Rice in the World (6)
      • 1.1.4. Quality Standards (8)
    • 1.2 Importing Market (The United States) (9)
      • 1.2.1 General Situation of US Rice Market (9)
      • 1.2.2 The Trend Of Rice Consumption In The US (10)
      • 1.2.3 Competitors (12)
  • PART 2. TRADE BARRIERS (14)
    • 2.1. Tariff Barrier (14)
      • 2.1.1 Export Tariff (14)
      • 2.1.2 Import Tariff (14)
    • 2.2 Non-tariff Barrier (14)
      • 2.2.1. Intellectual Property Right Barrier (14)
      • 2.2.2 Technical barrier (15)
    • 4.1 Pricing Factors (23)
      • 4.1.1 Internal Consideration (23)
      • 4.1.2 External Factors (23)
      • 4.1.3 Environmental Factors (24)
    • 4.2 Pricing strategy (25)
  • PART 5: TRANSACTION RESULTS (29)
    • 5.1 Total Cost (29)
    • 5.2 Profit (30)

Nội dung

General Situation of Rice Production VolumeVietnam has favorable conditions for rice production land, soil, cultivationexperience, intensive cultivation level, specialty traditional rice

POTENTIALS OF EXPORTING/IMPORTING

Exporting Market (Vietnam)

1.1.1 General Situation of Rice Production Volume

Vietnam's favorable conditions for rice production, including land, soil quality, and traditional cultivation practices, have fueled significant progress in the industry Despite a decline in rice cultivation area from 2017 to 2020, advancements in yield have increased productivity Vietnam's rice production has ensured domestic food security while meeting export demands of 6-7 million tons annually The country's rice output in the first half of 2021 contributed 5.48% to global rice production.

Table 1 1 Vietnam's Rice Production in the Period of 2017 – 2020

Source: General Statistics Office Data

An analysis of data from Table 1.1 reveals that Vietnam's rice industry has a substantial average rice growing area of 7,506 million hectares Farmers achieve an average yield of 5.77 tons/ha, contributing to an average rice production of 43.26 million tons Over the period 2017-2020, Vietnam produced an average of 28,022 million tons of rice, demonstrating the country's significant contribution to global rice production.

2020 Vietnam's rice production has ensured national food security and met export needs.

1.1.2 General Situation of Viet Nam’s Exporting Rice in the World

Vietnam has suitable natural conditions for rice crops with two main granaries, the Red River and Mekong Delta Rice production area ranks 6th and rice export ranks 3rd in the world, Vietnamese rice has been exported to over 150 countries and territories, accounting for 10.48% of the global rice market share in the period of 2017 - 2020 and also initially penetrated markets with quality requirements like EU, America, Nigeria,

From 2017 to 2020, Vietnam's rice exports witnessed a steady rise, with an average annual export quantity of 11.84% of the global total In 2017, the export volume stood at 5,818 million tons, gradually increasing to reach 6,249 million tons in 2020 This surge in exports solidifies Vietnam's position as a leading rice exporter on the international stage.

Figure 1 1 Volume and Turnover of Viet Nam's Rice Exports in the Period of

Source: Data of the General Department of Customs

Figure 1 2 Vietnam's Rice Export Situation in Quarter 1 - 2022 in the Period of

In the first quarter of 2022, rice is one of 8 agricultural, forestry, and fishery products with a higher export value over the same period Data from the Ministry of Agriculture and Rural Development (MARD) showed that the volume of exported rice in the first 3 months of this year reached nearly 1.48 million tons, equivalent to 715 million USD, an increase of 24% in volume and an increase of 10.5% in value over the same period last year In the world market, Vietnamese rice prices still maintain their leading position among rice-exporting countries Typically, at the beginning of the week of April 2022, the price of 5% broken rice exported increased by 12-15 USD/ton compared to the beginning of the year and about 10 USD/ton compared to the beginning of March, to $

415 / ton - the highest in more than 3 months.

1.1.3 General Situation of Viet Nam’s Exporting ST25 Rice in the World

In the first 5 months of this year, Vietnam's ST25 rice exports continued to have a breakthrough growth with a volume of nearly 4,700 tons, a value of 5 million USD, a sharp increase of 82.8% in volume and doubled in value over the same period last year. Thus, after only the first 5 months of the year, ST25 rice exports were almost the same as last year It is known that in 2021, Vietnam's ST25 rice exports will reach 5,200 tons with a value of 5.1 million USD, an increase of more than 4 times in both volume and value compared to 2020 Currently, although ST25 rice only accounts for a small proportion, about 0.4% of Vietnam's total rice export turnover, with recognized quality and brand, this will be the key product for Vietnamese rice grains to penetrate the high- end market segment in the world In the future, ST25 rice is expected to be able to compete fairly with some other famous rice in the world such as Hom Mali rice of Thailand or Basmati rice of India.

Figure 1 3 Volume and Turnover of Viet Nam's ST25 Rice Exports in the

Vietnam's ST25 rice has garnered global recognition, with exports surging in various markets The US emerged as the largest consumer, importing 3,370 tons in five months, a 36.1% increase Germany's consumption skyrocketed by 45 times, making it the second-largest importer with a 19% market share Other notable gains include a 10-fold increase in exports to Australia (187 tons), a threefold increase to Canada (64 tons), and entries into new markets like Japan (100 tons) and Singapore (28 tons), further solidifying ST25 rice's global appeal.

THE FASTIDIOUS MARKETS IN THE WORLD OF

America Germany Australia Japan Others

Figure 1 4 The Fastidious Markets in the World of Importing ST25 Rice

In recent years, fragrant rice, specialty rice of Vietnam such as ST24, ST25, and Jasmine has had a chance to enter some major markets such as the EU, helping to increase export turnover This opportunity came from The ST25 variety from Vietnam won the World's Best Rice Contest in 2019 Vietnam's rice exports in 2022 to the EU market reached at least 60,000 tons, especially in traditional markets such as Germany, the USA, Italy, and Poland The rice industry also aims to improve the quality and value of Vietnamese rice grains Thereby, forming and improving the value chain of the industry, helping to adapt to climate change, and raising incomes for farmers as well as the needs of consumers to meet high-quality rice

Moreover, confidence in Vietnamese rice in general, and ST25 rice, in particular, has increased when Vietnam exports ST25 rice to the Japanese market That is proof that Vietnam not only exports a lot of rice but also exports delicious rice, meeting the very high standards of the Japanese market The Vietnamese Ambassador in Japan also said:

"To bring ST25 rice into the Japanese market, we must pass more than 600 technical standards 600 technical standards is a very strict requirement, plus the fastidiousness ofJapanese consumers, so I think this is a huge success for producers as well as traders who have brought ST25 rice into the Japanese market."

Importing Market (The United States)

1.2.1 General Situation of US Rice Market

According to the latest data from the World Bank, the United States has a population of approximately 331,9 million people (2021), ranking 3 in the list of countries by rd population with GDP per capita of 70,248.6 $US in 2021, making it one of high-income countries in the world Therefore, the US market has a tendency to diversify imported agricultural products (including rice) and a diverse demand of rice varieties to meet the diverse needs of US consumers During the trade year 2016-2017, rice imports to the US amounted to about 787 thousand metric tons, worth 688.8 million USD and have increased to just over 1.3 million metric tons in the period of 2021-2022 (Statista.com). This figure is expected to increase remarkably to reach a peak of 1.4 million metric tons in 2023 Especially, the United States Census Bureau data shows that there were over 20 million Asian Americans and about 62.65 million people of Hispanic origin living in the

US (2021) who consume a large amount of rice, so the US has an increasing demand of rice with high quality This is a big opportunity for many major rice exporters in the world (including Vietnam) to increase the market share in the US market.

Figure 1 5 Total Volume Of Rice Imports In The United States From 2013/2014

Source: Statista.com 1.2.2 The Trend Of Rice Consumption In The US

The United States relies heavily on imported rice, with over a quarter of its consumption coming from foreign sources Thailand, India, and Pakistan are major suppliers of premium aromatic rice varieties like jasmine and basmati In addition, the US imports non-aromatic long-grain rice from South America, while medium and short-grain rice imports are expected to rise due to reduced production in California caused by drought California is a major producer of medium and short-grain rice, but its crop is forecast to decline by 38%, resulting in increased imports from Thailand, India, China, and Italy.

Especially, ST25 rice is increasingly asserting its position in the international market and becoming more familiar with U.S consumers thanks to its deliciousness and fragrance Another important factor is that ST25 rice has a very high nutritional content and is superior to other conventional types of rice In detail, it contains a large amount of protein, magnesium, calcium, fiber, which is extremely beneficial for health As a result, in recent years, ST25 rice has become more popular in the US market.

Figure 1 6 US Rice Imports By Country Of Origin And As A Share Of

Source: Data of the United States Department of Agriculture

In addition to Viet Nam, the US also imports rice from the world’s largest rice exporting countries such as Thailand, India and Pakistan as well as other nations including Brazil, China, Italia, Canada…It is predicted that in the next few years, the rice export from these countries to the US continues to witness a considerable growth, so Vietnamese rice may have to face a fierce competition when entering the US market

Table 1 2 Major Rice Exporters To The US (2017-2020)

Source: Data from The United States Census Bureau

TRADE BARRIERS

Tariff Barrier

In recent years, the Vietnam's rice exports has consistently changed in a positive way, especially when Vietnam enters into more free trade agreements For this reason, this has created numerous chances for Vietnam rice enterprises to enter global markets and expand their market When it comes to taxes, enterprises that export ST25 rice must pay two kinds of taxes namely: VAT and export tax:

Value Added Tax (VAT): Under current export legislation, VAT on exported commodities, including exported rice, is 0%.

Export Tax: There is now no export tax on rice.

Import tariff is levied by the government on goods imported from other nations.When an import tax is imposed, the prices of imported items will rise This will reduce the appeal of imported goods to domestic customers so domestic goods may retain their competitive edge over imported items Tariffs are established primarily to safeguard domestic industries or to increase income of the government The imposed tariff for broken rice in USA (HS Code: 10064000) is 0.44 cents/kg under MFN treatment.

Non-tariff Barrier

In 2020, four California-based firms registered and were waiting to be protected for five ST25 rice brands in the United States The first is the trademark "The world's best rice gao thom ST25 dac san Soc Trang ngon nhat the gioi 100% tu nhien khong beo phi - khong tieu duong" , which was registered on October 22 The second and third trademarks pending registration on the USPTO site are both entitled ST25 and were registered on June 18 and August 10, respectively, by two businesses, I&T enterprise,Inc Corporation and TTM International Inc Corporation The fourth and fifth trademarks issued by Transworld Foods, Inc Corporation registration are "No.1 Vietnam ST25 rice the world's greatest rice" and "Vietnam's ST25 rice, dac san Soc Trang" registered on July 31 and September 1 If four firms in the United States succeed, the Vietnamese company selling ST25 rice will be unable to use words such as "best ST25 rice in the world" and will be unable to access the US market unless the owner brand allows it.

Rice shipments that export to the USA will go through official inspections of rice based on established official U.S standards Inspection services are divided into two basic types: "inspection for grade" or "factor analysis" without grade Inspection for grade involves analyzing the sample according to the quality factors listed in the Official U.S Standards for Rice and certifying the applicable numeric grade designation, the quality factors responsible for the grade assignment, and any other quality factors the customer requests.

The Food and Drug Administration (FDA) will inspect rice imports before deciding whether or not they are acceptable According to provisions of American law included in the U.S Federal Food, Drug, and Cosmetic Act, exporters of rice are in charge of making sure the goods are secure, hygienic, and labeled in accordance with U.S standards When offered for import at U.S ports of entry, imported food goods are subject to FDA inspection, and FDA has the authority to delay shipments of products if the FDA discovers that the shipments do not meet U.S requirements.

Prior Notice is mandatory for commercial rice imports to the United States, requiring overseas exporters to register with the FDA for approval This Prior Notice can be submitted via two methods: (1) returning FDA Form 7523 and (2) submitting the information electronically through the FDA Prior Notice System (PNS).

CBP (Customs and Border Protection of the United States): Prior Notice can be submitted to the FDA via the existing CBP-FDA link.

PNSI (Prior Notice System Interface): Individuals or companies that do not want to register through CBP may use the PNSI Buyers must submit Prior Notice

Two kind of certificates that are crucial for importing rice into US market are Phytosanitary certificate and Fumigation certificate In order to import rice goods, the buyer must request for APHIS (Animal & Plant Health Inspection Service) import approval as well as a phytosanitary certificate from Vietnam to guarantee that the rice has been evaluated for quality prior to export According to the Secretary of Agriculture, importing rice from other countries can introduce harmful fungal diseases like downy mildew (Sclerospora macrospora), leaf smut (Entyloma oryzae), blight (Oospora oryzetorum), and glume blotch (Melanomma glumarum), as well as harmful insect pests such as the khapra beetle, into the United States The Secretary has established a stringent system for importing rice in order to avoid the entry of the plant pests and diseases mentioned above into the United States A phytosanitary certificate or a re- export certificate with the additional declaration "The shipment was inspected and proven free of khapra beetle (Trogoderma granarium)" is required for commercial imports of rice from any nation where the Khapra beetle is present At the port of entry, every shipment of imported rice will undergo inspection If there are more than 28 contaminated hulls in a quart sample obtained during inspection, the shipment won't be permitted to enter the import country; only 28 or fewer hulls are acceptable. Furthermore, rice must be fumigated with Methyl Bromide or Phostoxin not more than

10 days prior to packaging in a quantity and manner sufficient to destroy all stages of weevil or other insect infection.

Exporters must meticulously follow the Packing, Labeling, and Marking Requirements Labeling and marking provide essential information to handlers and are crucial for crossing US borders Incorrect labeling, particularly non-compliance with FDA standards, is a major reason for shipment rejections Labels must include detailed information such as nutritional data, font size, country of origin, and potential food allergies to facilitate smooth inspections by authorities.

Date: 25 February, 2023 No: 25022023 THE CONTRACTED PARTIES:

THE SELLER: LOC NHAT COMPANY LIMITED

ADDRESS: 11/22 Street 10, Quarter 3, Binh Thuan Ward, District 7, Ho Chi Minh City, Viet Nam

Tel: 0903 341 322 Email: locnhatco.ltd@gmail.com

REPRESENTED BY: Mr DUONG VU HUY HOANG - CEO

THE BUYER: GREEN GARDEN TRADING INC

ADDRESS: 68-86 Metropolitan Avenue, Ridgewood, NY 11385, U.S.

Tel: (917) 862 7896 Email: greengarden@gg8trade.com

REPRESENTED BY: Mr PATRICK MCKILLEN - CEO

It is mutually agreed between the Seller and the Buyer to sign the contract under the following terms and conditions:

VietNam White rice long grain, 5% broken, crop in 2023.

Packing: In bags, each bag is 10 kilograms

USD 942/MT - FOB CAT LAI PORT, INCOTERMS 2020

(In words: Four hundred twenty three thousand nine hundred dollars only)

Payment term: By Irrevocable L/C at sight

Issuing Bank: Bank of America Branch

Bank address: 835 Eighth Ave New York, NY 10019, U.S.

Advising Bank: Vietcombank, Ho Chi Minh Branch

Date of issue: Within 7 days from the signing date of this contract

Period for presentation: Within 21 days after B/L date but within the validity of the credit

Draft L/C should be sent first to the Seller to review and confirm before issue The late of issuing L/C will lead to late shipment

After completion of shipment, the following originals documents shall be sent directly to the Buyer via courier express:

4 Certificate of origin issued by the Import-Export Department, Ministry of Industry and Trade of Vietnam: 01 original & 01 copy

Inspection: The inspection of quantity/weight/packing to be effected final by

Vinacontrol prior to shipment at the Seller's account.

Fumigation: To be effected on board vessel after completion of loading at the

Seller's expenses The expenses for the vessel's crew who will land on shore during fumigation on such as accommodation and meals etc shall be at Buyer's account. Perform fumigation of wooden pallets and wooden dunnages according to ISPM 15 (internationally regulated standard for wooden packaging materials in international trade).

Shipment time: Within 45 days after date of L/C

Port of Loading: Cat Lai Port, Vietnam.

Port of Destination: Lax Port, U.S.

Shipment terms: FOB – CAT LAI PORT, VIETNAM, INCOTERMS 2020

The list and details of all export documents shall be confirmed by separate telex and to include, but not limited to the following documents:

3/3 Clean On Board Bill Of Lading Marked Freight Prepaid.

Certificate of Quality, Quantity, Weight And Packaging Provided By Vinacontrol TPHCM

Certificate of Origin Form B Issued By the Vietnam Chamber Of Commerce Phytosanitary Certificate Issued By Plant Protection Department - Vietnam. Certificate of fumigation issued by the Ministry of Agriculture

Neither the Seller nor Buyer is responsible for any delay in or cancellation of shipment and/or delivery due to force majeure, such as: strikes, fire, floods, war, riots, embargoes, earthquakes, including but not limited to acts of God, restriction or any condition beyond the seller's control Force majeure circumstances must be notified in writing by each party to the other within 7 days and confirmed a certificate of force majeure is issued by Government authority Beyond this time, force majeure circumstances shall not be taken into consideration.

All disputes arising in connection with this Sales Contract or the execution thereof shall be settled by way of amicable negotiation and in the spirit of friendship and mutual benefits In case no settlement is reached, the case at issue shall then be submitted for arbitration to the Vietnam International Arbitration Center at the Chamber of Commerce and Industry according to its arbitration rules.

The contract is made in quadruplicate and both hold two of them, to be equally legal effect

1 Any amendment to this contract shall be valid only if they are made in writing and signed by both parties

2 This contract comes into force from the date of signing contract This contract is signed through facsimile or mailing and having the same value.

Mr DUONG VU HUY HOANG - CEO Mr PATRICK MCKILLEN - CEO

Pricing Factors

The quality of Vietnam's ST25 rice was acknowledged in the worldwide market when it was named "World's Best Rice 2019" and placed second in the "World's Best Rice 2020" competition held in the United States This strongly confirms the superior quality of Vietnamese rice compared to other types of rice As a result, my company's objective while exporting rice to the US market is “product-quality leadership” This means we strive to deliver the highest quality goods on the market, hence the price is higher than its competitors Besides, it is also the opportunity to promote the quality of Vietnam's st25 rice to many foreigners while also serving the demand of Vietnamese people living in America In fact, the price of Vietnam's st25 rice is presently sold at approximately 30 USD for a bag weighing more than 11 kg This pricing is slightly greater than comparable high-quality rice on the market According to the Ministry of Agriculture and Rural Development, ST25 rice was sold for $425-430 per ton, which is $48-51 and

$18-25 more than similar types from India and Thailand However, with its current reputation, ST25 rice still has been favored by many customers when it has just opened for sale.

4.1.2 External Factors a Fierce Competition With Overseas Market Competitor's Price

Vietnam's rice industry is facing very fierce competition in the rice export market, as rival countries such as Thailand and India constantly adjust export rice prices According to the Vietnam Food Association, as of the trading session on 3/5/2021, Vietnam's export rice price has dropped sharply compared to 26/3/2021 Specifically, 5% broken rice costs483-487 USD/ton (down 35 USD/ton); 25% broken rice priced at 458-462 USD/ton(down 30 USD/ton); 100% broken rice 423-427 USD/ton (15 USD/ton).Currently, rice inThailand and India has adjusted the export price of rice to a low level, which has helped them to dominate the markets Therefore, Vietnam's rice exporters also have to constantly adjust rice prices to compete.

The United States is one of the major export markets in the world that any exporter would like to be able to access However, for products to be imported into the US, it is necessary to undergo many strict processes and inspections with many food safety standards The maximum residue level for pesticides is set by the Environmental Protection Agency (EPA) and is monitored by the Food and Drug Administration (FDA) at the import site for all agricultural products Food producers are required by law to put preventative controls in place where necessary to considerably reduce or eliminate exposure to chemicals in food that are harmful to human health If the agency determines that the amount of a contaminant renders the food dangerous, we take appropriate action, which may include resolving the problem with the producer and taking steps to stop the product from entering or continuing to be sold on the U.S market There have been many cases of rice being returned because Vietnamese enterprises have violated regulations on food safety standards That leads to the loss because exporting an order to the US is not a simple thing in a situation where freight rates are increasing. c High Logistics Cost:

In 2023, it is considered that there are potential difficulties and challenges for Vietnamese exporters and logistics enterprises, when facing the consequences due to the impact of inflation, the risk of economic recession of major economies leading to a decline in export orders in key export markets such as the United States Logistics costs include storing goods, packing, packaging, warehousing, goods rotation, customs clearance accounting for a large proportion of the total cost of products, this cost increases, leading to the cost of goods being pushed up And this is a significant

"challenge" for Vietnamese businesses and goods at the present time.

Due to its sensitivity to environmental factors during transportation from Vietnam to the US, rice packaging must ensure protection and minimize humidity exposure to maintain quality and aroma Informative, eye-catching, and well-designed packaging is crucial for attracting customers and positioning Vietnamese rice in the foreign market These factors contribute to the overall cost, ultimately impacting the price of the final product.

The extreme weather in some Asian countries such as a lack of rain in India, or drought in China has negatively affected the rice production in these large rice exporters. Thus, since September 8 , 2022, the government of India, the world’s largest rice th exporting country decided to impose a 20% export tax on non-basmati rice, except parboiled rice as a solution for the country to lower domestic rice prices and ensure national food security in the context of the world facing price inflation and food crisis In the context of reduced rice supply while the demand is stable, the world rice in general and Vietnamese rice will still have the potential to increase prices in 2023. c Exchange rate

Recently, the USD/VND exchange rate has been continuously increasing Compared to the end of 2021, the USD/VND exchange rate has risen by about 2,000 VND/USD (1 USD ~ 24,016 VND), equivalent to a decrease of almost 8.6% in VND compared to the USD A sharp increase in the exchange rate will directly affect import and export companies To be more specific, most export orders are paid in USD, so this fluctuation in USD/VND exchange rate will help rice exporters improve their gross profit margin.

Pricing strategy

The price of ST25 rice are set differently across the world based on cost structures,environments and levels of attractiveness of ST25 rice in this country so the pricing strategy that my company apply is “Differential Pricing” strategy The table below indicates the price of ST25 rice that is sold in different markets including Asia, Europe,America and Africa.

Table 4 1 The ST25 Rice’s Price In Different Markets

Country Price Per Unit In Dollar

Price Per Unit In VND

Nigeria faces a severe food crisis due to disruptions in supply chains, political instability, and low crop output The situation has worsened due to recent floods affecting various regions, with food inflation expected to escalate further Despite efforts to recover from the food supply constraints imposed by the border closures in 2019, the COVID-19 pandemic has exacerbated the crisis, leading to a decline in food production and rising prices.

2020, insecurity issues in 2021, and the residual impact of the Russia-Ukraine war in

2022 And today, the country is grappling with catastrophic floods in the northern area.

As a result of Nigeria's inability to fulfill local demand, both domestic and imported rice prices have been impacted directly Therefore, ST25 rice is sold in Nigeria with the price being double the price in the UK.

Figure 4.1 The Price Of Local And Imported Rice In Nigeria

ST25 rice prices in China remain relatively low due to significant rice price increases in 2021, making rice imports more attractive As China is the second-largest market for Vietnamese rice, ST25 rice is priced competitively in China to attract customers and compete with international rivals Similarly, in Hong Kong, Vietnam and Thailand are the primary rice exporters, but Vietnamese prices are lower With minimal logistical costs due to relaxed quality requirements and a lack of tariffs, ST25 rice is available at a reasonable price in Hong Kong.

The price of ST25 rice in the United Kingdom or the United States is twice as high as the price in Vietnam because fees associated with exporting rice to foreign markets include export and import tariffs, customs fees, currency fluctuations, transaction expenses (including shipping), and value-added taxes (VATs) These costs can considerably raise the price of a product in the overseas market, sometimes resulting in a total that is more than double the price given in the domestic market In conclusion, the setting a competitive price while taking customer and market demand into account in order to optimize profits in long term.

TRANSACTION RESULTS

Total Cost

BILL OF LADING FEE Shipment 1 900,000 900,000

Profit

[1] VnExpress (n.d.) Vietnamese rice prices surpass Thailand's in global markets - vnexpress international Retrieved March 3, 2023, from https://e.vnexpress.net/news/industries/vietnamese-rice-prices-surpass-thailands- in-global-markets-4531073.html

[2] Oyekanmi, S (2022, October 20) Price of domestic rice surges as floods threaten Nigeria's food security Retrieved March 3, 2023, from https://nairametrics.com/2022/10/20/price-of-domestic-rice-surges-as-floods- threaten-nigerias-food-security/

[3] VnExpress (2021, April 23) Gạo ST25 BỊ Doanh Nghiệp MỸ đăng KÝ Thương Hiệu Retrieved February 28, 2023, from https://vnexpress.net/gao-st25-bi-doanh- nghiep-my-dang-ky-thuong-hieu-4266600.html

[4] Rice import in the USA is not difficult if you read this guide! - K-agriculture: Bring the best Vietnamese agricultural products to the world (2022, July 04). Retrieved February 28, 2023, from https://k-agriculture.com/rice-import-in-the- usa-is-not-difficult-if-you-read-this-guide/

Importing food products into the United States requires compliance with regulations and procedures established by the Center for Food Safety and Applied Nutrition (FDA) As outlined on the FDA's website, importers must adhere to specific guidelines to ensure the safety and quality of imported food products.

[6] Shahbandeh, M (2023, February 20) U.S Rice Import Volume 2022/23. Retrieved March 3, 2023, from https://www.statista.com/statistics/806643/us-rice- import-volume/

[7] United States (n.d.) Retrieved March 3, 2023, from https://data.worldbank.org/country/US

[8] Sharp increase in imports from Asia boosted U.S 2019/20 rice imports to record high, with little decline projected for 2020/21 (n.d.) Retrieved March 3, 2023,from https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId514

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