170 eligible rice exporters announced
The Ministry of Industry and Trade’s Department of Export and Import recently announced a list of 170 eligible rice exporters as of October 18.
Accordingly, Ho Chi Minh City has the highest number of qualified rice exporters, with 37 ones, followed by 36 in the Mekong Delta city of Can Tho, 22 in the southern province of Long An and 16 others in southern An Giang province.
The Ministry of Agriculture and Rural Development reported that the whole country exported 6.6 million tonnes of rice in the first nine months of this year, bringing home US$3.66 billion, up 40.4% annually. In the 34-year history of rice export, it was the first time such a record-breaking figure had been achieved.
In particular, Vietnam previously achieved a record export value of US$3.65 billion in 2011, but with a total volume of 7.1 million tonnes. However, from 2012-2018, rice export prices declined, keeping the turnover below US$2.5 billion.
In 2019, rice exports began to rebound, reaching US$2.7 billion. In 2022, the figure hit US$3.5 billion, although it still fell short of the US$3.65 billion record set in 2011.
Comparing to the rice price surge in 2008, Vietnam effectively capitalised on market opportunities this year. Looking back to 2008, the export price of 5% broken rice even reached a peak of US$1,000 per tonne at times. However, the Vietnamese Government then imposed a ban on rice export, so very few businesses were able to export at that price.
The Vietnamese rice used to demand a maximum export price of US$700 per tonne.
In the fourth quarter, it is forecast that around 500,000 tonnes of rice will be shipped abroad each month. Therefore, it is likely that a record-breaking 8 million tonnes of rice will be exported this year, resulting in an all-high revenue of US$4.5 billion.
