Vietnam’s rice sector made US$4 billion in export revenue in the first 10 months of 2023, a record-breaking milestone after 34 years of entering the global rice market. However, industry experts caution that beneath this success lie hidden challenges and uncertainties. Vietnam’s rice shines in global market In October, Vietnam exported 700,000 tons of rice valued at US$433 million, a 17% increase in volume and a 35% surge in value compared to the same month in 2022, as reported by the Ministry of Industry and Trade. The figure took the country’s total rice exports in the first 10 months of this year to around 7.1 million tons worth US$3.97 billion, up by 17% in volume and 35% in value against the same period last year. Vietnam has now officially achieved a new historical record in rice exports after 34 years in the export market. Moreover, Vietnam’s rice exports are anticipated to reach eight million tons in all of 2023, valued at US$4.5 billion, making it a bright spot in the export sector, according to Tran Thanh Binh, head of the Import and Export Department at the Ministry of Industry and Trade. Binh made these remarks at a recent seminar titled […]
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