Vietnam sees strong rice exports driven by rising prices

ABO/NDO- Vietnam’s rice export prices have reached close to 1,000 USD per tonne, far exceeding the prices seen in previous years.

According to the General Department of Customs, the average price of Vietnamese rice exported to Brunei rose to 959 USD per tonne in the first five months of 2024. Prices in other markets also rose strongly, with rates of 868 USD per tonne for the United States, 857 USD for the Netherlands, 847 USD for Ukraine, 836 USD for Iraq, and 831 USD for Turkey.

Vietnam's rice export value has witnessed strong growth.

Rising prices have helped increase Vietnam’s rice export turnover. According to the Ministry of Industry and Trade, Vietnam exported 650,000 tonnes of rice worth 416 million USD in June, up 5.7% from last year. The figures for the first half of 2024 were 4.6 million tonnes at 2.9 billion USD, up 10.4% in volume and 32% in value.

Such results are attributed to the fact that exporters succeeded in taking advantage of a rising demand in traditional markets. Since food security continues to remain a global concern, the rice sector is expected to see more opportunities to increase exports.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, rice ranked fifth among the largest agricultural exports in the first six months of the year and is one of the fastest-growing exports.

Key markets for Vietnamese rice are the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore, of which the Philippines accounts for 38% of Vietnam’s total rice exports.

(Source: NDO)