Vietnam is set to achieve rice export figures exceeding 7.6 million metric tons this year, according to the chairman of the Vietnam Food Association. As the world’s third-largest rice exporter, trailing only India and Thailand, Vietnam’s primary market for rice remains the Philippines.
The chairman noted that recent changes by India to relax its rice export restrictions will not significantly impact Vietnam’s rice shipments. He emphasized that Vietnam’s domestic rice inventory is currently low, and the market dynamics differ from those of India.
In the first nine months of 2024, Vietnam’s rice exports rose by 8.9% to 6.99 million metric tons compared to the previous year, with export revenue increasing by 23% to $4.35 billion. This robust performance underscores the country’s strong position in the global rice market.
Looking ahead, Vietnam aims for economic growth between 7.6% and 8% in the last quarter of 2024, maintaining an annual growth target of 7%. The government recently reported that gross domestic product grew by 7.4% year-on-year in the third quarter, marking the highest growth in two years. This expansion has been bolstered by strong export performance, industrial production, and increased foreign investment, despite the challenges posed by natural disasters in the region.
As a significant manufacturing hub in Southeast Asia, Vietnam continues to attract foreign investment, with inflows increasing by 8.9% to $17.3 billion in the first three quarters of the year. Additionally, September data revealed a notable increase in exports and industrial production, further demonstrating the resilience and growth potential of Vietnam’s economy.
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