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Wednesday, June 19, 2024

Vietnam’s Q1 rice exports grow 42% y-o-y

The Saigon Times

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HCMC – Vietnam’s rice exports amounted to 2.1 million tons in the first quarter of this year, generating US$1.4 billion in revenue, a 42% increase over the same period last year.

According to the Ministry of Agriculture and Rural Development, the surge in demand from Vietnam’s major rice buyers, including the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore, has contributed to the impressive growth in rice exports.

Noting that these countries are looking to diversify their rice supply, reducing their heavy reliance on Vietnamese rice, the ministry is urging local rice exporters to explore new markets and improve the quality of Vietnamese rice to enhance competitiveness.

Currently, Vietnam’s 5% broken rice is priced at US$576 per ton, a 12% decrease from the beginning of the year.

As one of the world’s top three rice exporters, Vietnam aims to achieve US$5 billion in revenue from rice exports this year.

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