In a remarkable achievement, Vietnam’s rice exports have reached unprecedented levels, surging to 8.13 million tons and valued at US$4.7 billion in 2023, according to the General Department of Customs. This outstanding performance not only signifies a substantial 14.4% increase in volume but also reflects a remarkable 35.3% rise in value compared to the previous year, despite challenges posed by the El Niño weather pattern.
The surge in Vietnam’s rice exports can be attributed, in part, to the export ban imposed by India on non-basmati white rice, significantly impacting the global rice trade. India, a key player in the international rice market, contributes 40% to the global rice trade and has major buyers, including Iran, Saudi Arabia, and China.
With the Indian export ban leading to a reduction in global rice supply, several countries turned to Vietnam as a reliable source. Even nations that traditionally imported minimal rice from Vietnam began placing substantial orders, further fueling the surge in exports.
The Philippines emerged as the leading importer of Vietnamese rice in 2023, acquiring 3.1 million tons, followed by Indonesia, China, and Ghana. This remarkable growth has positioned Vietnam as the world’s fifth-largest rice producer and the third-largest exporter.
Despite the challenges posed by the Indian export ban, the situation has created a positive outlook for Vietnam’s rice exports in 2024. Countries worldwide are actively seeking dependable rice sources, and Vietnam is well-positioned to meet this demand.
As Vietnam celebrates this record-breaking achievement, industry experts anticipate continued success in the global rice market, with the country poised to play a significant role in meeting the increasing demand for this essential commodity. The resilience of Vietnam’s rice industry in the face of external challenges underscores its prominence as a key player in the international trade landscape.