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Viet Nam’s Rice exports expected to hit US$5 billion

Hanoi, December 18, 2023, The Europe Today: Viet Nam’s Rice export volume and value during the first 11 months surpassed the figures from the whole of 2022, and this year’s revenue is expected to reach US$5 billion, Viet Nam’s authorities said.

In 2023, the rice farming area nationwide is 7.1 million ha with productivity estimated at 6.08 tonnes of unmilled rice per ha and total output at 43.1 million tonnes, up about 420,000 tonnes from last year.

Some 7.75 million tonnes of milled rice was exported during the first 11 months of this year, fetching an estimated $4.41 billion in revenue, up 16.2 per cent and 36.3 per cent respectivelyyear on year. Export prices averaged $568 per tonne during the period, up 17.3 per cent, according to the Department of Quality, Processing and Market Development under the Ministry of Agriculture and Rural Development (MARD).

The export volume has been kept at around 6 million tonnes and increased over years, with annual value continually topping $3 billion, statistics show.

At a workshop held in the Mekong Delta province of Hau Giang last week, MARD Deputy Minister Tran Thanh Nam said the rice sector plays a crucial role in the agriculture of Viet Nam and many other countries in the region and the world.

Domestic and international rice markets will remain vibrant in the time ahead due to big import demand from China, Indonesia, the Philippines, the Middle East, and Africa, he forecast.

However, Nam noted, the growth in export volume will affect the stockpile in exporting countries while higher export prices will also lead to an increase in unmilled rice prices, which in turn will partly impact domestic prices of milled grains.