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THE Vietnam, as one of the world’s leading producers of rice, is intensifying its efforts to boost theexpansion of its exports. In an ever-changing market environment, the country seeks to maximize its export opportunities while facing challenges such as increasing competition and price fluctuations. With a strategy focused on quality and market diversification, Vietnam aspires to strengthen its position on the international rice scene, while ensuring optimal yield for its farmers.
Vietnam, a major player in the global rice market, is implementing ambitious strategies to increase its exports. With a record 9.18 million tonnes exported in 2024, the country aims to not only strengthen its position but also adapt to the challenges of a rapidly changing market. Initiatives to improve the quality products and diversify markets target the Middle East, Northern Europe and Asian countries, while meeting food safety requirements.
Record results in 2024
In 2024, Vietnam reached unprecedented rice export levels, recording a volume of 9.18 million tonnes and income from $5.75 billion. This represents a significant increase in 12.9% in volume and 23% in value compared to the previous year. This performance illustrates not only the resilience of the Vietnamese agricultural sector, but also the country’s ability to adapt to fluctuations in global markets.
Growing pressures on supply
Faced with a global production increasing by 533.8 million tonnes for the 2024-2025 season, Vietnam faces increased competition. Despite the fall of export price of Vietnamese rice, these challenges encourage the country to innovate and seek opportunities in new markets. The drop in prices is attributed to the increase in supply and the priority given by some importers to domestic production. Forecasts for the global market indicate a record growth of rice trade, which could reach 57.2 million tonnes.
Flexible production and export strategies
Proactive management of production is essential to maintain the balance between supply and demand. In January, Vietnam’s autumn-winter harvest in the Mekong Delta covered 711,000 hectares, producing around 4.16 million tonnes of rice. At the same time, the new winter-spring harvest also contributed to supply. The measures put in place by the authorities, such as trade support and export promotion, aim to respond to fluctuations in domestic prices and stabilize farmers’ income.
Priority to quality and market diversification
With the aim of improving the exports, Vietnam focuses on the quality of its rice. Indeed, priority is given to brand recognition and certifications that promote export. In this regard, the Vietnamese government, through Decree No. 01, introduced provisions aimed at enhancing the quality of rice while guaranteeing the food safety national. The objective is clear: diversify markets, with 60% of exports planned for Asian markets and 22% for Africa by 2025.
Targeting new markets
In addition to traditional markets such as the Philippines and Indonesia, Vietnam is moving towards high-demand regions such as Middle East and Northern Europe. Collaboration between Vietnamese companies and public authorities is essential to integrate Vietnamese rice into international distribution chains, thus strengthening its visibility on global markets.
Rice companies must also prepare to face challenges in the sector, particularly in terms of financing to guarantee the purchase of paddy for export. This dynamic translates into an increased role for banks in supporting the capitalization necessary for these exports.
FAQs on Vietnam’s Rice Export Expansion
What is Vietnam’s rice export forecast for 2024? Vietnam plans to export a record volume, reaching 9.18 million tonnes of rice in 2024.
What is the turnover of Vietnamese rice exports? In 2024, rice exports generated a turnover of $5.75 billion.
How have Vietnam’s rice exports changed compared to the previous year? Exports increased by 12.9% in volume and 23% in value compared to 2023.
What strategies is Vietnam adopting to increase its rice exports? The country places emphasis on product promotion, quality improvement and expanding export markets.
How does Vietnam plan to diversify its markets for rice by 2025? By 2025, 60% of rice exports will be destined for Asian markets, while 22% will target Africa.
What are the main threats to the Vietnamese rice industry? Strong international competition and global price fluctuations pose major challenges for Vietnam’s rice exports.
How do Vietnamese authorities support rice exports? The authorities prioritize trade promotion and put in place measures to stimulate exports, while providing financial support to exporters.
What is Vietnam’s position in the global rice market? Vietnam is determined to strengthen its market share and maintain its leading position in global rice trade.