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.

Vietnam's export of agricultural products recorded impressive growth in the first month of 2024 and is expected to see a breakthrough in the whole year.

VOV.VN - With a series of key markets announcing plans to import rice, Vietnamese rice businesses are expected to win big on a rising global demand and rising market prices this year.

In line with the 2024 plan, Indonesia was reportedly set to import approximately three million tonnes of rice, nearly matching the Philippines' planned import of Vietnamese rice, which will make Indonesia one of the world's largest rice importers and a key customer for the Vietnamese rice industry.

VOV.VN - Vietnam shipped nearly 104,000 tonnes of rice to the EU market worth US$71.7 million last year, exceeding the quota of 80,000 tonnes per year under the EU-Vietnam Free Trade Agreement (EVFTA), according to figures data by the General Department of Vietnam Customs.

VOV.VN - The prices of Vietnamese export rice have endured a sharp decline after hitting a record high recently, according to the Vietnam Food Association (VFA).

As many as 161 merchants had been granted certificates of eligibility for exporting rice as of January 22, decreasing from mid-2023, reported the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).

VOV.VN - Vietnam exported more than 8 million tonnes of rice in 2023, and the Philippines was the largest rice buyer, according to the General Department of Customs.

Vegetables, rice, and coffee have seen a surge in orders right from the beginning of 2024, signaling a busy year ahead despite challenges in the global trade.