In 11 months, Vietnam’s rice exports reached 5.3 billion USD, an increase of 22.4% over the same period and far exceeding the achievement of last year.
Statistics from the Ministry of Agriculture and Rural Development show that in the past 11 months, the rice industry has achieved impressive results when export turnover reached 5.3 billion USD, an increase of 22.4% over the same period last year. . This number not only exceeds the achievement for the whole year of 2023 but also sets a new record with growth of 10.8%.
According to businesses, this result reflects a change in production structure. Farmers are increasingly focusing on high-quality fragrant rice varieties for export. Thanks to its superior quality, rice is favored by the international market and reaches prices higher than many countries, even at times leading the world.
The Ministry of Agriculture and Rural Development said that 95% of rice varieties grown in Vietnam are high quality varieties, 89% of rice production also belongs to this segment. The average export price remained at 627 USD per ton, despite competition when India returned to the market.
Can Tho farmers harvest rice. Image: Thuy Tien
Regarding export markets, the Philippines continues to lead with 46.1% market share, followed by Indonesia (13.5%) and Malaysia (8.2%). On the contrary, Vietnam imports mainly from Myanmar, Pakistan and Cambodia, taking advantage of cheap supply to meet domestic demand and stabilize production. These numbers not only reflect strategic flexibility but also affirm Vietnam’s growing position in the global rice market.
At the same time, rice imports also increased dramaticallyreaching 1.24 billion USD – the highest ever, an increase of 57% compared to last year. Domestic demand for cheap rice to make noodles and pho has caused businesses to import rice from Myanmar, Pakistan and Cambodia – sources with lower prices than domestic rice to reduce costs and ensure supply for products. export.
Simultaneously promoting exports and imports helps Vietnam both optimize domestic supply and meet international orders at the end of the year.
In its development orientation, Vietnam’s rice industry is aiming to increase value and reduce emissions. According to Deputy Minister Phung Duc Tien, if the Project of 1 million hectares of high-quality, low-emission rice is successfully implemented, the value of the rice industry will increase, creating a sustainable competitive advantage for Vietnam.