Vietnam is on the brink of achieving a historic milestone in its rice export sector, with projections indicating that export earnings could reach an impressive $5 billion by the end of this year. This optimistic outlook is fueled by strong demand from major markets including the Philippines and Indonesia.
In the first eight months of 2024, Vietnam exported 6.16 million tonnes of rice, reflecting a 5.9 percent increase compared to the same period last year. The revenue from these exports has soared to nearly $3.85 billion, marking a significant year-on-year growth of 21.7 percent.
The average export price of Vietnamese rice has risen by 14.8 percent, now standing at $625 per tonne. This increase in both volume and price highlights the growing global appetite for high-quality Vietnamese rice. The improvements in rice quality and successful international negotiations have bolstered Vietnam’s position in the global market.
Despite a decrease in the country's rice-growing area to 7.12 million hectares, the export output continues to thrive, driven by the introduction of higher-yielding rice varieties. Looking ahead, Vietnam’s rice exports are projected to reach around eight million tonnes by the end of 2024.
Vietnam is also expanding into new markets in the Middle East, Africa, South America, Japan, and South Korea, while continuing to strengthen ties with traditional markets. Efforts to enhance trade promotion and market monitoring will support this growth and ensure Vietnam’s rice remains a top choice for international buyers.
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