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In 2023, Vietnam asserts itself as a key player in the global rice market, with export forecasts exceeding 8 million tonnes. This dynamic is explained by robust national production and growing demand on international markets. Rice exports, which represent a significant part of the country’s agricultural economy, are expected to generate considerable revenue, while consolidating Vietnam’s position as the world’s leading rice supplier. This trend highlights the strategic importance of the Vietnamese rice industry in the overall economic context.
Vietnam, as the world’s largest rice supplier, is poised to increase its exports to reach a volume above 8 million tonnes in 2023. This positive development is the result of a significant increase in domestic production and a favorable atmosphere on international markets. The Ministry of Agriculture and Rural Development of Vietnam confirmed these forecasts, highlighting the considerable economic impact of this essential sector.
Record exports underway
During the first ten months of 2024, Vietnamese rice exports have already reached 7.8 million tonnes, marking an increase of 10.2% compared to the previous year. These voluminous exports generated a market value of 4.86 billion USD, a notable increase of 23.4% compared to the same period of 2022. Following this trend, Vietnam anticipates that the total of exports are expected to exceed 8 million tonnes and potentially set a new record beyond the previous year.
Export prices on the rise
The average export price of Vietnamese rice contributed to this palpable dynamic. With a rate set at USD 626.2 per tonne, an increase of 12% compared to previous figures, Vietnamese producers benefit from increased valuation of their product on the international market. In 2023, the exported volume of rice reached 8.13 million tonnes, reflecting a winning commercial strategy and an adaptation of producers to market trends.
Asian market context
In the Asian context, price fluctuations play a determining role. Prices of rice from other countries, such as India and Thailand, have been under pressure. Traditional Indian rice thus showed a notable drop in its price, reaching a record level in 15 months, while Thai rice experienced a consecutive price reduction. These variations highlight not only the competitiveness of Vietnamese rice, but also its growing favor among regional importers.
Sustainable production potential
With a national production forecast reaching 43 million tonnes for 2024, Vietnam has ample capacity to ensure domestic needs are met while maintaining a competitive position in the international market. The Mekong Delta, known for its fertility, presents itself as a strategic area for rice agriculture and is in the process of developing agricultural technologies and sustainable practices. By integrating low-emission methods, Vietnamese producers aim to optimize both the quality and sustainability of their production.
Opportunities in the global market
Recent studies highlight the growing opportunities for Vietnam’s rice exports, supported by favorable government policies and bilateral trade agreements. Vietnam remains the main supplier of rice to the Philippines, and initiatives are underway to expand its presence in other Asian markets and beyond. Traders in the sector report sustained demand for Vietnamese rice, thus consolidating its notoriety on the world stage.
For additional details and future outlook on the rice market, explore analyzes and the outlook provided by experts.
FAQ on Vietnam Rice Exports in 2023
What is the rice export forecast for Vietnam in 2023? Vietnam plans to export more than 8 million tonnes of rice this year.
What is Vietnam’s rice export volume in 2024 in the first ten months? In the first ten months of 2024, rice exports reached nearly 7.8 million tons.
What was the value of rice exports for Vietnam in 2023? In 2023, the value of Vietnam’s rice exports was $4.6 billion.
What was the average export price of Vietnamese rice? The average rice export price since the beginning of the year reached USD 626.2 per tonne.
How does the price of Vietnamese rice compare to Indian and Thai rice? Vietnamese 5% broken rice is priced at USD 520-525 per tonne, while Thai rice is at USD 485-495 per tonne, and Indian rice continues to decline, hitting its lowest level in 15 months.
What factors contribute to Vietnam’s rising rice exports? The increase in rice exports is due to increased domestic production as well as stable demand in foreign markets.
What is the outlook for Vietnamese rice exports? With the pace of exports and production capacity, rice exports are expected to exceed 8 million tonnes this year.