Vietnam’s rice exports already exceed 8 million tonnes

The US Department of Agriculture (USDA) has forecast that Vietnam is likely to export 8.9 million tonnes of rice this year, driven by high demand from the key market of the Philippines.

The average export price of Vietnamese rice in the past 10 months reached US$626 per tonne, an increase of 12% compared to the same period last year.

Currently, Vietnamese rice varieties with 5%, 25%, and 100% broken grains are among the most expensive, surpassing the prices of similar rice varieties from leading exporting countries such as Thailand, India, and Pakistan.

Though India has just resumed rice exports, the segments of fragrant rice and high-quality rice from Vietnam are still commanding high and stable prices, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

Statistics show the Philippines was the largest consumer of Vietnamese rice. The past 10 months saw the Philippine purchase 3.64 million tonnes of rice valued at US$2.24 billion from Vietnam, up 38.4% in volume and 59.1% in value compared to the same period in 2023.

Indonesia ranked second, with over 1.1 million tonnes, valued at US$655 million, up 7.2% in volume and 20.2% in value. Malaysia came in third, with 674,735 tonnes, valued at US$399.9 million, up 87.7% in volume and 2.1 times in value.

Additionally, exports to other markets also saw strong growth in the past 10 months, including Singapore (up 19.1%), Mozambique (up 14.7%), Australia (up 11.6%), and Saudi Arabia (up 34%). Notably, exports to Ukraine increased nearly 16 times in both volume and value compared to the same period last year, reaching 10,834 tonnes, valued at US$6.9 million.

Experts attributed to the rise to the expansion of Vietnamese rice markets abroad. Vietnam has increased exports to many markets, including countries in Asia, Africa, and Europe, thanks to various free trade agreements.

Global food security issues, including increased rice demand due to food crises in some regions, have spurred exports. In addition, Vietnamese rice, especially fragrant and high-quality varieties, has become increasingly popular in international markets.

Furthermore, effective marketing strategies have brought about good results. Exporting companies have executed strong marketing strategies to enhance the image of Vietnamese rice in international markets.

The Ministry of Industry and Trade, in its role as a government management agency, has continued to focus on promoting trade activities to enhance cooperation in rice trade with traditional markets such as Indonesia, Africa, and China. It has also explored niche markets for fragrant rice and high-quality rice that have penetrated in recent years, including the European Union, the Republic of Korea, the United States, and North America.

Last year, Vietnam has exported 8.13 million tonnes of rice valued at US$4.67 billion, increasing by 14.4% in volume and 35.3% in value compared to the same period in 2022.

The US Department of Agriculture (USDA) has forecast that Vietnam is likely to export 8.9 million tonnes of rice this year, driven by high demand from the key market of the Philippines. However, it is projected that in 2025, its rice exports will decline to around 7.35 million tonnes, placing it third in the world.