Rice exports earn nearly half a billion dollars at the beginning of 2024

This growth presents a positive outlook for the rice industry and its ability to generate revenue.

The amount of rice exported has increased by 14,4% (an increase of more than 83,000 tons) compared to the same period in 2023. Meanwhile, the export value of rice has increased by 53% in the last year (equivalent to nearly 161 million USD).

This significant increase is mainly due to the rise in the average rice export price by 33,65% over the same period in 2023, reaching 703.5 USD/ton.

Previously, rice exports achieved a high export value with 8.1 million tons, increasing to 4.68 billion USD in 2023. This represents an impressive growth of 14.4% and 35.3%, respectively compared to the previous year.

As Director Nguyen Nhu Cuong, the Department of Crop Production under the Ministry of Agriculture and Rural Development, Vietnam aims to maintain its rice cultivation area at 7.1 million hectares and to harvest around 43 million tons of rice in 2024. Despite a tendency to decrease in rice area, this is still part of the country's production plan. Additionally, Vietnam ensures to export at least 8 million tons of rice annually.

In 2023, Vietnam's largest rice export market is the ASEAN region, which accounts for 61% of the country's total rice exports. The country sold 4.9 million tons of rice to ASEAN, up 24% from the previous year. Additionally, other significant markets for Vietnamese rice exports are China, Ghana…

In addition, Indonesia is still one of Vietnam's traditional customers and large quantity rice buyers, as evidenced by a recent 500,000 tons of rice contract signed in January with Vietnam, Myanmar, and Pakistan.