vietnam rice exports reach highest level in over three decades
Published on: December 6, 2023.
Filed under:
Vietnam’s Rice Exports Hit Record High in 2023, with Continued Growth Expected in 2024
Vietnam’s rice exports have reached a historic high this year, with a volume of nearly 7.8 million tonnes and a turnover of 4.4 billion USD, the highest since 1989. This impressive achievement is a testament to Vietnam’s position as one of the world’s leading rice exporters.
Experts predict that this positive trend will continue in 2023, with rice exports expected to reach eight million tonnes, accounting for a total value of 4.6 billion USD. This projection is in line with the initial target set at the beginning of this year, reflecting stable growth in the industry.
Nguyen Van Don, the Director of Viet Hung Ltd Company in Tien Giang province, emphasized that global demand for rice remains high, and the prices of rice in other countries are increasing. However, Vietnamese rice prices have not followed suit due to the limited supply. Vietnamese rice exporters are eagerly waiting for the new harvest season to meet the demand and take advantage of the rising prices.
According to the Vietnam Food Association, there has been a noticeable increase in Thai rice prices in the past two weeks, with an increase of 5% to 632 USD per tonne. This surge in prices is attributed to the limited supply of Vietnamese rice. In comparison, Pakistan’s rice is priced at about 600 USD per tonne, while Vietnamese rice stands at 663 USD per tonne. Despite the higher prices, Vietnamese rice is still favored by importers due to its quality, particularly its freshness. Vietnamese rice products are exported immediately after being harvested, ensuring the highest quality and taste for consumers.
The global rice market is experiencing a shortage due to India’s decision to halt rice exports. This has resulted in increased demand for rice from other countries, including Vietnam. Traditional customers such as the Philippines, the world’s largest rice importer, have increased their rice imports to secure national food reserves. Additionally, Indonesia is facing delays in its rice harvest, leading to the need for significant imports in 2024.
With this positive outlook, Vietnam’s rice industry is poised for further growth and success in the coming years. The combination of high demand, competitive prices, and superior quality positions Vietnam as a reliable and trusted rice supplier in the global market.
Sources: [VietnamPlus](https://en.vietnamplus.vn)
