Hanoi, September 16, 2024 – The Europe Today: Việt Nam’s rice exports are on track to hit a record turnover of approximately US$5 billion this year, driven by sustained high demand from key markets such as the Philippines and Indonesia.
According to the Ministry of Agriculture and Rural Development (MARD), Việt Nam exported 6.16 million tonnes of rice in the first eight months of 2024, marking a 5.9% increase compared to the same period last year. The revenue from rice exports surged by 21.7%, reaching nearly $3.85 billion. Additionally, the average price of rice exports rose by 14.8%, averaging $625 per tonne.
Nguyễn Như Cương, Director of the Crop Production Department under MARD, emphasized that the global supply of rice from certain countries has been limited, contributing to Việt Nam’s increased export volume and value. He attributed the rise to the enhanced quality of Vietnamese rice, which now meets the stringent demands of the international market. He also noted successful negotiations between local businesses and foreign partners.
Looking ahead, Cương highlighted that demand from traditional markets, including the Philippines, Indonesia, and Malaysia, is expected to remain high for the remainder of 2024. Furthermore, Vietnamese rice exporters are actively exploring new markets such as the Middle East, Africa, South America, Japan, and South Korea. As a result, the total rice export volume is forecasted to reach about eight million tonnes this year.
Despite a reduction in Việt Nam’s rice-growing area to 7.12 million hectares, Deputy Minister of MARD Phùng Đức Tiến noted that higher-yield, better-quality rice varieties have allowed the country’s rice export output to continue growing.
Experts, however, caution that the global rice trade in 2024 faces challenges, including a reduction in supply due to export bans from countries like India, the UAE, and Russia, as well as the impacts of climate change and ongoing geopolitical tensions.
To bolster rice exports, Việt Nam’s Import-Export Department plans to intensify trade promotion efforts with traditional markets like Indonesia, Africa, and China. The department also aims to tap into niche markets for premium fragrant rice, including the EU, South Korea, and the US. Additionally, diplomatic missions and trade agencies abroad will continue to support Vietnamese businesses in navigating and capitalizing on global market trends.
With these efforts, Việt Nam is expected to set a new record, earning more than $5 billion from rice exports in 2024.
