HCMC – Vietnam is expected to achieve its highest-ever rice export value, surpassing US$5 billion in 2024, according to Do Ha Nam, vice chairman of the Vietnam Food Association and CEO of Intimex Group.
The average export price of Vietnamese rice is also on track to reach a new peak of over US$600 per ton, according to the Vietnam News Agency.
These positive projections have been driven by robust global demand and favorable market conditions.
Vietnam’s rice exports from January to October reached nearly 7.8 million tons worth US$4.86 billion, representing double-digit growth compared to the same period in 2023, reported the Ministry of Agriculture and Rural Development.
The Philippines has emerged as Vietnam’s largest rice market, accounting for over 45% of total exports. The country’s high demand for Vietnamese rice, particularly fragrant varieties, has been a major driver of Vietnam’s export growth.
Other key markets include Indonesia and Malaysia, with the latter seeing the most significant growth in rice imports from Vietnam among the top 15 markets, with a 2.3-fold increase.
“Vietnam is differentiating its rice industry by prioritizing premium, fragrant varieties. By reducing lower-grade production, the country is creating a niche market and commanding higher prices,” said Do Ha Nam.
