Despite the country’s status as one of the world’s leading rice exporters, Vietnam is expected to spend nearly US$1 billion on rice imports for processing this year.

Indonesia has announced a record rice tender for September, seeking to acquire up to 450,000 tonnes from international suppliers.

Vietnam’s rice exports are expected to reach a record turnover of about US$5 billion this year, as high demand from many large and traditional markets, such as the Philippines and Indonesia, continues.

With the current uncertainties in the global rice market, Indonesia's call for larger rice tenders is a major opportunity for exporters, particularly those from Vietnam.

Vietnam's rice export prices have reached the highest levels globally, surpassing those of Thailand, Pakistan, and other major exporters, the Vietnam Food Association (VFA) has announced.

Rice exports could bring in a record turnover of US$5 billion this year if the pace of shipment is maintained like at present, according to Vu Tuan Anh, CEO of GLE company, a rice exporter.

Vietnam has many opportunities to promote rice exports in the second half of this year, even though India could change its rice export policy in the next few months, according to the Ministry of Industry and Trade (MoIT).

Vietnam exported 4.68 million tonnes of rice in the first six months of this year, earning US$2.98 billion, according to the Ministry of Agriculture and Rural Development.

Vietnam will need about US$2.7 billion to implement its project of planting 1 million hectares of high-quality rice from now to 2030, according to an official from the Ministry of Agriculture and Rural Development (MARD).

The reduction of the rice import tax by the Philippines will create more advantages and increase opportunities for Vietnamese rice to enter the market later this year, insiders said.