Vietnam set a new record in rice export revenue in the first nine months of 2023 thanks to the increasing price of exported rice, according to the Ministry of Agriculture and Rural Development.
Hanoi (VNA) – Vietnam set a new record in rice exportrevenue in the first nine months of 2023 thanks to the increasing price of exportedrice, according to the Ministry of Agriculture and Rural Development.
The country earned 3.66 billion USD from exporting rice inthe period, up 40.4% year-on-year, the ministry has reported.
The result was attributed to the increasing price of Vietnameseexport rice, and the decreasing rice supplies in many markets during the reviewed period, it said.
Vietnam’saverage price of exported rice in the first three quarters reached 553 USD pertonne, a 14% increase over the same period in the previous year.
The Philippines was the largest buyer of Vietnamese rice products in thefirst eight months, accounting for 40.3% of the total rice export. China andIndonesia ranked second and third, accounting for 13.5% and 12.4%,respectively.
Additionally, positive growth in rice exportshas been also recorded in countries in the European Union, such as Poland, theNetherlands, Spain, and Belgium, and African nations such as Ghana and Angola.
Vietnam sets a new record in rice export revenue in the first nine months of 2023 thanks to the increasing price of exported rice. (Photo: VNA)
Accordingto Vice General Director of the Export-Import Department under the Ministry of Industryand Trade Tran Thanh Hai, the price of exported rice is expected to remain highuntil the end of this year due to the continued demand for rice imports in majorconsuming markets such as the Philippines, China, Indonesia, Malaysia, andAfrica. This is coupled with the limited supply of rice from leading rice exporter likeIndia and Pakistan.
President of the Vietnam Food Association (VFA) Nguyen Ngoc Nam stressed that thereis ample room for rice exports to grow, especially as the Philippines needs to importan additional 1.1 million tonnes, while Indonesia plans to buy 2.3 million tonnesby the end of the year.
China’s demand for rice imports is also forecast to increase in the remaining monthsof the year, Nam said.
Rice exporters are advised to have appropriate strategies toensure the ability to meet exports./.
Greater demand in the international market has resulted in higher rice prices in the domestic market in recent months, according to Minister of Agriculture and Rural Development Le Minh Hoan.
The General Department of State Reserves (GDSR) has proactively worked to keep the inventory at a reasonable level to quickly and effectively respond to every unexpected or urgent circumstances.
Vietnam exported a record volume of nearly 6 million tonnes of rice in the first eight months of this year, up 20% year on year, according to the General Department of Vietnam Customs.
Cambodia is confident of realising its goal of exporting 1 million tonnes of rice by 2025 as exports have reached over 400,000 tonnes in the first eight months of this year.
Rice exports reached a record 5.81 million tons in the first eight months of this year, a 21.4% increase over the same period of 2022. Rice export turnover in the period therefore came in at nearly 3.16 billion USD, an increase of more than 35.7%.
The Philippines is considering options other than a price ceiling to tackle high rice prices, the country’s National Economic and Development Authority (NEDA) has said.
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Illustrative photo (Photo: VNA) 
Vietnam sets a new record in rice export revenue in the first nine months of 2023 thanks to the increasing price of exported rice. (Photo: VNA) 
