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Vietnam rice exports surge to new record revenue

Vietnam set a new record in rice export revenue in the first nine months of 2023 thanks to the increasing price of exported rice, according to the Ministry of Agriculture and Rural Development.
Vietnam rice exports surge to new record revenue ảnh 1Illustrative photo (Photo: VNA)
Hanoi (VNA) – Vietnam set a new record in rice exportrevenue in the first nine months of 2023 thanks to the increasing price of exportedrice, according to the Ministry of Agriculture and Rural Development.

The country earned 3.66 billion USD from exporting rice inthe period, up 40.4% year-on-year, the ministry has reported.

The result was attributed to the increasing price of Vietnameseexport rice, and the decreasing rice supplies in many markets during the reviewed period, it said.

Vietnam’saverage price of exported rice in the first three quarters reached 553 USD pertonne, a 14% increase over the same period in the previous year.

The Philippines was the largest buyer of Vietnamese rice products in thefirst eight months, accounting for 40.3% of the total rice export. China andIndonesia ranked second and third, accounting for 13.5% and 12.4%,respectively.

Additionally, positive growth in rice exportshas been also recorded in countries in the European Union, such as Poland, theNetherlands, Spain, and Belgium, and African nations such as Ghana and Angola.

Vietnam rice exports surge to new record revenue ảnh 2Vietnam sets a new record in rice export revenue in the first nine months of 2023 thanks to the increasing price of exported rice. (Photo: VNA)
Accordingto Vice General Director of the Export-Import Department under the Ministry of Industryand Trade Tran Thanh Hai, the price of exported rice is expected to remain highuntil the end of this year due to the continued demand for rice imports in majorconsuming markets such as the Philippines, China, Indonesia, Malaysia, andAfrica. This is coupled with the limited supply of rice from leading rice exporter likeIndia and Pakistan.

President of the Vietnam Food Association (VFA) Nguyen Ngoc Nam stressed that thereis ample room for rice exports to grow, especially as the Philippines needs to importan additional 1.1 million tonnes, while Indonesia plans to buy 2.3 million tonnesby the end of the year.

China’s demand for rice imports is also forecast to increase in the remaining monthsof the year, Nam said.

Rice exporters are advised to have appropriate strategies toensure the ability to meet exports./.
VNA
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