Vietnam’s Rice Exports Expected to Decline by 2024
Published on: March 8, 2024.
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Vietnam’s Rice Exports Set to Decline in 2024
Vietnam, one of the top rice exporters in the world, is projected to see a decrease in its rice exports this year. According to a report by Vietnam Food Association, the country’s rice exports are estimated to be around 6.5-7.0 million metric tons, compared to last year’s record high of 8.1 million tons. This decision is part of Vietnam’s strategy to focus on higher quality and higher-priced rice, as well as to address climate change and ensure food security at the domestic level.
In the year leading up to mid-February, Vietnam’s rice exports had already witnessed a 14.4% increase compared to the previous year, reaching a total of 663,000 tons. This growth can be attributed to the rising demand from countries such as Indonesia, the Philippines, Malaysia, China, and various African nations. The report highlights that this demand surge can be attributed to the prolonged El Nino phenomenon, which is anticipated to last at least until mid-2024.
To further align with its long-term strategy, Vietnam announced last year that it intends to reduce its annual rice exports to 4 million tons by 2030. This reduction will ensure the country’s ability to prioritize high-quality rice production and concentrate on meeting local food requirements.
As Vietnam adapts to the evolving demands in the rice market, it remains a key player in the global rice trade. With its reputation for producing high-quality rice, Vietnam is recognized as the world’s third-largest rice exporter, following India and Thailand.
For more information on rice exports from Vietnam and the global rice market, visit [Source](https://www.brecorder.com).
