Vietnam ships 8.1 million tonnes of rice abroad, earning 4.6 billion USD in 2023 (Photo: VNA)
Hanoi (VNA) – Positive prospects are forecast for Vietnam’s rice export in2024, with bright signs in both market and price.
Last year, Vietnam continued to be one ofthe top three rice exporters in the world, accounting for about 15% of total globalrice exports.
Specifically, the country shipped 8.1million tonnes of rice abroad, earning 4.6 billion USD, up 14.4% in volume and35.3% in value year-on-year
Nguyen Thi Huong, General Director of theGeneral Statistics Office under the Ministry of Planning and Investment, cited theUS Department of Agriculture’s forecast data as saying that global riceproduction in the 2023-2024 crop year will reach nearly 518 million tonnes,while total consumption will be 525 million tonnes. It means that the worldwill face a shortage of about 7 million tonnes of rice in 2024.
This will create opportunities for riceexporters, including Vietnam, Huong said, adding that this year, Vietnam can fully ensure supply to export the same volume of rice like in 2023, while ensuringfood security.
The global rice supply is forecast to no longer be abundant when supply from India, which accounts for 40% of the world rice export, will reduce by 4million tonnes compared to the previous crop. Other markets such as the Philippines,Indonesia, Thailand and Cambodia are also predicted to reduce output due to theimpact of the El Nino phenomenon and climate change.
Nguyen Anh Son, Director of the Import-ExportDepartment under the Ministry of Industry and Trade, forecast that rice priceswill increase in 2024 due to tightened supply.
In January, Vietnam earned 362 million USDfrom shipping rice abroad, up 7% year-on-year.
Regarding challenges in 2024, according toassessments of Vietnamese trade offices abroad, although Vietnamese rice has gaineda firm foothold in many markets, it faces increasingly fierce competition withThai rice. Therefore, businesses are advised to continue improving the qualityof exported rice, diversifying types, and ensuring there are no violations of regulations on pesticide residues.
At the same time, there needs to besystematic promotion strategies in terms of brands, especially for high-qualityrice./.
Indonesia has concluded its bidding process for 17 rice packages with a total volume of 500,000 tons. It is a good news that Vietnam has won 8 out of the 17 packages.
The recent falls in rice prices are only short-term and the upward trend will continue in 2024 on limited supply, providing significant opportunities for Vietnam’s rice export, analysts have said.
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Vietnam ships 8.1 million tonnes of rice abroad, earning 4.6 billion USD in 2023 (Photo: VNA) 
