Vietnam's rice exports have shown remarkable growth in the first quarter of 2024, with the country exporting 2.18 million tonnes of rice, earning a total of US$1.43 billion. This represents an increase of 17.6% in volume and 45.5% in value compared to the same period last year. The average export price also saw a significant rise of 23.6% to $653.9 per tonne.
According to data from the General Department of Customs, Vietnam's rice exports surged in March 2024, with a 99.7% increase in volume and a 90% increase in turnover compared to February 2024. The Philippines emerged as the largest export market, accounting for over 1.01 million tonnes of Vietnamese rice, valued at approximately $649 million.
Indonesia and Malaysia also saw substantial increases in rice imports from Vietnam, further contributing to the country's export growth. To maintain this positive momentum, Vietnam aims to cultivate a rice area of 7.1 million hectares and produce over 43 million tonnes of rice in 2024, with an export target of over eight million tonnes.
In line with these efforts, the Government has authorized the purchase of 220,000 tonnes of rice for the year 2024, with bidding packages being offered to domestic producers. Contractors will compete in open and online bidding sessions, with a focus on procuring domestically produced, long-grain rice from the 2024 Spring harvest.
This proactive approach by the Vietnamese government underscores its commitment to supporting the rice industry and ensuring stability in both domestic and international markets.
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