Vietnam’s rice industry is experiencing a golden period, with exports projected to surpass 5 billion USD this year, fueled by robust global demand and stable prices, according to experts.

Hanoi (VNA) – Vietnam’s rice industry is experiencing a golden period, with exports projected to surpass 5 billion USD this year, fueled by robust global demand and stable prices, according to experts.

Between January and July, Vietnam shipped over 5.1 million tonnes of rice worth 3.2 billion USD aboard, up 25% in volume and 5.8% in value annually, reported the Ministry of Agriculture and Rural Development.

The Vietnam Food Association said the average export price of Vietnamese rice reached a record high of 636 USD per tonne, surpassing major competitors like Thailand, Pakistan, and India.

Traditional markets such as the Philippines, Indonesia, and China continue to be major buyers, while Vietnam is boldly venturing into new markets, including the Middle East, Africa, South America, the Republic of Korea and Japan.

The superior quality of Vietnamese rice, exemplified by the ST25 variety being twice named “World’s Best Rice”, is a key competitive advantage.

The global rice market is facing a shortage of 7 million tonnes this year, with some countries imposing export restrictions and others building up reserves. This presents Vietnam with both significant opportunities and challenges.

In this setting, the Ministry of Industry and Trade (MoIT) has urged rice exporters to closely monitor market fluctuations and exercise caution in pricing to maintain Vietnam’s reputation for premium rice.

To address the complex issues facing the rice industry, the MoIT and the Ministry of Agriculture and Rural Development have proposed establishing a national rice council to coordinate research, policymaking, and industry development.

The council, serving as an inter-sectoral coordinating body, aims to foster connections across the entire rice value chain, from production to export, and elevate the global brand of Vietnamese rice.

Published Date: August 15, 2024