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 is looking to increase the volume and revenue of rice exports in the remaining months of this year, but a wide range of hindrances are looming on the horizon.

VOV.VN - Vietnam exported nearly six million tonnes of rice in the opening eight months of this year, representing a year-on-year rise of 20% and meeting 89% of the target set for the whole year.

Prices of Vietnam’s exported rice are still the highest in the world, with that of 5% broken rice reaching US$638 per tonne, and 25% broken rice US$623 per tonne, according to the Vietnam Food Associaion.

The Ministry of Industry and Trade has announced the list of 210 businesses that are eligible to export rice.

The Ministry of Industry and Trade (MoIT) on August 15 issued a directive on developing rice export markets and stabilising the domestic market amidst unpredictable changes in the global rice market to implement the Prime Minister's instruction on promoting rice production and sustainable export, ensuring national food security.

VOV.VN - Prime Minister Pham Minh Chinh has signed a directive on ensuring national food security and promoting sustainable rice production and export amid global rice market fluctuations.

VOV.VN - The export price of Vietnamese 5% broken rice continued to rise to US$598 per tonne on August 3, and is likely to surpass US$600 per tonne in the coming days, according to the Vietnam Food Association.

Since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, most commitments in the agreement have been implemented and left positive impacts on business activities, especially trade, said Do Viet Ha of the Trade Office of the Vietnamese Embassy in Germany.

Rice export curbs by some countries like India, Russia and the United Arab Emirates (UAE) will offer opportunities to both Vietnamese exporters and farmers, heard a regular press conference held by the Ministry of Agriculture and Rural Development (MARD) in Hanoi on August 1.