Although Vietnam holds huge potential to boost rice export in 2024 as the world is forecast to face a shortage of about 5 million tonnes of the grain, limitations in linkage chain must be tackled for the industry to move forward.
A stronger linkage chain will enable risk sharing and benefit harmonising, helping the rice sector develop sustainably. (Photo: baochinhphu.vn)
Hanoi (VNA) – Although Vietnam holds huge potential to boost riceexport in 2024 as the world is forecast to face a shortage of about 5 million tonnes ofthe grain, limitations in linkage chain must be tackled for the industry tomove forward.
According to Deputy Minister of Agriculture and RuralDevelopment Phung Duc Tien, a stronger linkage chain will enable risk sharingand harmonised benefits, helping the rice sector develop sustainably.
Production linkage has an important role to play in agricultural productionsince it will help prevent the situation that bumper crops dragdown rice prices.
Since the rice linkage remains weak, the agricultural ministry has penned aproject to develop rice production chain, with the participation of 14provinces across the nation, Tien said, adding hi-tech farming models deployed in the chain so as to improve thecompetitiveness of the sector, making it better integrate in the global supplychain.
The US Department of Agriculture forecast that the globalrice supply is no longer abundant in 2024 when rice output of India, accounting for morethan 40% of world rice export, would decline by around 4 million tonnesto 132 million tonnes.
Other major exporters such as thePhilippines, Indonesia, Thailand and Cambodia are also predicted to see dropping rice output due to the impacts of El Nino and climate change.
The Ministry of Industry and Trade said that Vietnam will enjoy a robust yearof rice export due to great demand from Indonesia, the Philippines, Malaysia,China and several African countries for fear of El Nino which could linger tillmid-2024.
Right in January, Indonesia opened a tender to import 500,000 tonnes of riceto bolster the country’s food reserve, with Vietnamese companies winning contracts to supply nearly400,000 tonnes. This signals a positive outlook for a successful year for therice sector.
Statistics from the agricultural industry showed that Vietnam exported 1.02million tonnes of rice for 708 million USD in the first two months of thisyear, up 49.8% in value year-on-year.
🍌 The country aims to ship some 6.5 million tonnes of rice abroad this year./.
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.
Vietnam’s rice export has been shifting significantly toward high-quality and speciality products rather than quantity, with an annual stable turnover from 6.2 to 6.3 million tonnes in 2019-23, chairman of Vietnam Food Association Nguyen Ngoc Nam said at the Rice News Convention in the central city on March 6.
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A stronger linkage chain will enable risk sharing and benefit harmonising, helping the rice sector develop sustainably. (Photo: baochinhphu.vn) 
