Vietnam’s rice exports achieved a record-breaking $5.3 billion revenue in the first 11 months of the year, up 22.4% year-on-year and 10.8% against the whole 2023.
This significant growth underscores the sector’s resilience and adaptability in the global market, according to the Ministry of Agriculture and Rural Development (MARD).
By Lan do, December 9, 2024
https://theinvestor.vn/vietnams-rice-exports-reach-a-record-high-d13687.html
Businesses attributed this success to a shift in production strategy. Vietnamese farmers are increasingly cultivating high-quality fragrant rice varieties targeted for export.
These premium rice products are highly sought in international markets, often commanding prices higher than competitors and, at times, topping global benchmarks.
The agriculture ministry reported that 95% of rice varieties grown in Vietnam are classified as high-quality, with 89% of total rice output falling into this premium segment.
Despite competitive pressures from India’s return to the market, Vietnam maintained an average export price of $627 per ton, highlighting its strong position in the global supply chain.
The Philippines remained Vietnam’s largest rice export market, accounting for 46.1% of total shipments, followed by Indonesia (13.5%) and Malaysia (8.2%).
On the import side, Vietnam purchased rice from Myanmar, Pakistan, and Cambodia, capitalizing on lower-cost supplies to meet domestic demand and stabilize production.
Vietnam’s rice imports surged to a record $1.24 billion in Jan-Nov, a 57% increase from last year. Imported rice, primarily used in products like noodles, helped reduce production costs and ensure a consistent supply.
This dual strategy of simultaneously boosting exports and imports enables Vietnam to optimize domestic supply while meeting international orders during peak seasons.
Looking ahead, Vietnam’s rice industry is focused on enhancing value while reducing environmental impact.
Deputy Minister Phung Duc Tien highlighted the potential of a new initiative: a one-million-hectare, high-quality, low-emission rice project.
Successful implementation of this program could significantly increase the industry’s value, bolster Vietnam’s competitive edge, and position it as a leader in sustainable agriculture.
With its growing reputation for quality and strategic market positioning, Vietnam continues to solidify its place as a major player in the global rice market.