VOV.VN - In 2024, Vietnam is expected to set a new record for rice exports, with forecasts indicating over 8 million tonnes would be exported and total export revenue would potentially surpass US$5 billion.

Vietnamese businesses have secured three rice lots totalling 85,000 tonnes, representing 17% of Indonesia's massive 500,000-tonne rice tender in October, according to the rice market news site SSRicenews.

VOV.VN - As many as 163 Vietnamese businesses have been certified to meet the conditions for rice export, according to an update from the Import-Export Department under the Ministry of Industry and Trade.

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).

Although inflation has been controlled in accordance with the set target, state management agencies and enterprises have stayed vigilant and prepare price stabilisation measures in the remaining months of the year.

The Ministry of Finance (MoF) said on June 5 that in the first five months of 2024, domestic market prices were basically stable, with market developments in line with the price management scenario set by the Prime Minister’s Steering Committee for Price Management.

The prices of Vietnamese paddy and rice continued to increase last week, according to the the Vietnam Food Association (VFA).

VOV.VN - The consumer price index (CPI) rose 3.77% in the first quarter of 2024 compared to the same period last year, with core inflation standing at 2.81%, reported the General Statistics Office (GSO).

The recent falls in rice prices are only short-term and the upward trend will continue in 2024 on limited supply, providing significant opportunities for Vietnam’s rice export, analysts have said.

Vietnamese enterprises should seize the opportunities to increase rice exports to Indonesia which has allocated an additional rice import quota of 1.6 million tonnes for 2024 as dryness linked to the El Nino delayed harvest in the country, according to the Vietnam Trade Office in Indonesia.