Vietnam has set a target of exporting 7.5-7.8 million tons of rice this year given the recent favorable conditions, according to the Ministry of Agriculture and Rural Development (MARD).

The goal for the year was previously set at 7.1 million tons, but MARD adjusted it upwards due to a recent rapid surge in exports.

Figures from the General Department of Vietnam Customs show that Vietnam exported nearly 4.9 million tons of rice in the first seven months of the year, earning $2.62 billion.

This represents year-on-year increases of 20.1 per cent in volume and 31.4 per cent in value.

The Vietnam Food Association has estimated that total rice export volumes had reached 5.2 million tons this year as of August 15.

MARD said average rice exports stand at 700,000 tons a month, so it is possible for the country to fulfill the target of shipping 7.8 million tons this year and may well reach 8 million tons.

The export price has increased significantly over the past few days. The price of Vietnamese 5 per cent broken rice stood at $628-632 per ton on August 17, up by $5 a ton compared to the previous day.