HCMC – With strong demand and stable production, Vietnam’s rice exports are projected to exceed US$5 billion in all of 2024.
In the first seven months of this year, Vietnam exported 5.18 million tons of rice, generating US$3.27 billion in revenue. This represents a 5.8% increase in volume and a 25.1% rise in value against the same period last year.
Last year saw Vietnam’s rice exports amounting to nearly US$4.7 billion, with an average price of US$575 per ton, a 18.26% spike over 2022.
So far this year, the average price of Vietnam’s rice exports has remained high at US$632.2 per ton, up by 18.2% year-on-year.
The Ministry of Agriculture and Rural Development estimates that Vietnam could export around 7.6 million tons of rice this year.
Vietnamese businesses report a strong outlook for rice exports as demand of key markets such as the Philippines, Indonesia, China, Ghana, Malaysia and Singapore continues to rise.
Indonesia recently announced it might increase its rice imports to 4.3 million tons, up from the initially planned 3.6 million tons. Meanwhile, the Philippines, the world’s largest rice importer, is expected to increase its imports from 4.2 million tons to between 4.5 and 4.7 million tons this year.
Nguyen Ngoc Nam, chairman of the Vietnam Food Association stated, “The demand for rice of Vietnam’s traditional buyers remains high, creating opportunities for Vietnam to boost rice exports in the rest of the year.”
