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Friday, July 26, 2024

Vietnam’s Jan-Oct rice exports meet 93-96% of full-year target

By N. Tan

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HCMC – Vietnam exported six million tons of rice worth nearly US$3 billion in the first 10 months, an increase of 17% in volume and 7% in value compared to last year, according to data from the Ministry of Agriculture and Rural Development.

This export value represents 93 -96% of the full-year target. In the last two months, only 150,000-250,000 tons of rice need to be exported per month, enabling this sector to fulfill its target.

If the weather and growing conditions are favorable, Vietnam’s total rice exports will possibly surpass 6.3-6.5 million tons in 2022, 100,000-200,000 tons higher than that of 2021.

According to the Institute of Policy and Strategy for Agriculture and Rural Development, Vietnam’s rice industry has recently shifted from a low to premium quality rice market segment. Therefore, rice exports to choosy markets such as the U.S. and the EU have been growing strongly in the first eight months, at 84.8% and 82.2%, respectively.

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