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May 26, 2024

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Vietnam’s rice exports to reach 7.1 million tons in 2023

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Hanoi (VNA) – Vietnam’s Ministry of Industry and Trade (MoIT) is paying close attention to rice production and the situation in the world rice market in order to promptly address emerging issues and promote rice production, trade and exports.

Statistics show that by the end of October, Vietnam exported 7.1 million tons of rice worth about US$3.97 billion, up 17% in volume and 34.9% in value compared to 2022. The price of Vietnam’s exported rice increased by 15.3% year-on-year.

Vietnam’s rice exports to reach 7.1 million tons in 2023

Asia was the largest market for Vietnamese rice in the first nine months of 2023, consuming 76% of Vietnam’s total rice exports. It was followed by Australia (2.41%), Europe (1.6%) and the US (1.5%).

The Philippines remained the largest importer of Vietnamese rice, importing nearly 2.5 million tons, accounting for 38.1% of Vietnam’s total rice exports.

According to the Ministry of Industry and Trade, Vietnam has been adhering to the right direction of the structure and quality of rice exports as stipulated in the Strategy for the Development of the Rice Export Market to 2030, with white rice taking the largest share (55.5% or 3.56 million tons), followed by basmati rice (24% or 1.5 million tons) and glutinous rice (8.5% or 545,000 tons).

Facing complex developments in global food trade, such as India’s ban on non-basmati white rice exports, Russia’s withdrawal from the Black Sea Food Initiative, climate change and El Niño, the DTI and the Ministry of Agriculture have coordinated with the Ministry of Rural Development and the People’s Committee for Rice Producing Areas, the Vietnam Food Association and rice traders to implement measures to regulate rice production and export activities in 2023.

Meanwhile, the Ministry of Industry and Trade regularly inspects the rice business and export activities of traders. The Ministry has revoked the rice export certificates of 28 rice traders who had not exported rice for 18 consecutive months after obtaining the certificates, which contributes to creating a more open, transparent and fair business environment in accordance with the law.

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