Vietnam’s rice export turnover likely to hit US$5 billion this year

Vietnamese businesses exported 7.75 million tonnes of rice for US$4.41 billion between January and November 2023, up 16.2% and 36.3% year on year respectively, said Do Ha Nam, deputy head of the Vietnam Food Association at the conference.

If the growth is maintained, there is a possibility that the rice output and rice export turnover could hit all-time highs of 8 million tonnes and US$5 billion respectively by the end of the year, added Nam.

The Philippines is Vietnam’s largest rice consumer, making up 35% of the country’s export volume. Statistics show the past 11 months saw the Philippines purchase 2.63 million tonnes of rice worth US$1.41 billion from Vietnam.  

The Philippines was followed by China (895,625 tonnes, US$517.6 million), Indonesia (1,123,357 tonnes, US$614.7 million) and Malaysia (391,209 tonnes, US$201.6 million).

According to Deputy Minister of Agriculture and Rural Development Nguyen Thanh Nam, Vietnamese rice, in addition to ensuring national food security, also plays a role in ensuring food security in the region and the world. He said the domestic and international rice markets have been bringing in revenue to help improve the lives of Vietnamese farmers, contributing to social security and stability.

The official expressed his optimism about the global rice market in the coming months, but admitted that an increase in export rice output will have an impact on rice reserves in exporting countries. In addition, an increase in rice export prices will also impact the domestic rice market.

Experts said the rice export volume has been decreasing and it would continue to fall in the coming months due to limited reserves.

Nguyen Ngoc Nam, president of the Vietnam Food Association, noted that the world situation has changed strongly from COVID-19, and geo-political fluctuations have strongly impacted the rice market. He therefore suggested that research and distribution of purebred rice varieties to farmers should receive extensive investment to achieve the goal of stabilizing both rice output and quality in the long term.

Currently, the agricultural sector is implementing a project to plant 1 million hectares of high-yield and low-carbon rice in the Mekong Delta to improve rice quality, reduce input costs, adapt to climate change, reduce greenhouse gas emissions, ensure national food security and expand consumer markets.