Status of rice export in Vietnam

Market Information
icon date25/07/2023

Rice exports in Vietnam are currently holding the leading position in the world with the quantity and output exported to “extremely terrible” countries. It can be said that the price of Vietnamese rice is on the rise, raising the level of Vietnamese rice in the whole market.

Rice exports in Vietnam hit a record high in history
Why is rice export in Vietnam the highest in history? Let’s find out with us below the article below

According to a source from the Ministry of Agriculture and Rural Development, the number of rice exports in Vietnam in October 2022 reached an impressive figure of 713,546 tons, worth $341,064 million, compared to September 2022, an increase of 22.3% in volume and 23.9% in value. Therefore, according to the assessment, in October 2022, Vietnam has become the country with the highest rice export volume in the history of the rice industry.

Inheriting from October 2022, Vietnam’s rice exports in the following months always reached over 7 million tons, worth $ 2.9 million, compared with 2021 in the same period increased by 17.4% in volume and 7.6% in price.

In the market, in October 2022 alone, rice exports from Vietnam to the Philippines reached more than 2.7 million tons, worth over $1.2 billion, accounting for 45% of export turnover. At the same time, Vietnamese rice is also recognized by many fastidious markets. That is the milestone that brings Vietnam to a new height, Vietnamese rice becomes the golden rice grain.

According to the Vietnam Food Association, after nearly 2 years of implementing the FTA – Free Trade Agreement, rice exports in Vietnam in particular are gradually affirming their position in the large EU market. Many kinds of delicious sticky rice such as: ST24, ST25, Jasmine…have been receiving many compliments from community residents.

Focus on markets with large export quotas
According to the latest information from the Ministry of Agriculture and Rural Development, Vietnam is known as a country with responsibility for ensuring global food security. Every year, all kinds of rice exported to other countries are over 15% of the output, producing 43-44 million tons of rice, equivalent to 22-23 million tons of rice.

Mr. Le Thanh Hoa, Deputy Director of the Department of Agricultural Product Processing and Market Development, said that: All businesses and production facilities need to focus on markets with large export quotas like China. Because this is the potential market of Vietnam so far.

Therefore, when each item is exported to China, it is necessary to pay attention to the origin of imports, plant quarantine, regulations on packaging, labeling, traceability… Therefore, Vietnamese enterprises are currently expanding more businesses, exporting with certain limits.

According to the Ministry of Agriculture and Rural Development, two markets such as the EU and the UK are also important countries with great potential thanks to large export quotas. To take advantage of free trade agreements and export quotas, businesses need to link together in many purchasing units, meeting many standards on certificates, export machinery and equipment.

In order to make the process of exporting rice in Vietnam quick and easy, recently the Ministry of Agriculture and Rural Development is coordinating with the Ministry of Industry and Trade to update the golden news about the rice market of producers and farmers. Along with that, it is promoting the restructuring of the rice production industry, focusing on improving the value and building a brand name for Vietnam’s rice industry

Rice export price in Vietnam
The export price of rice in Vietnam is currently at $438/ton, the highest since July 2021 until now. The reason is that at the end of the year, the demand for food imports from many countries has increased, especially in Europe, Vietnam’s big trading partner, specializing in importing delicious and quality rice.

It is worth noting that the export price of Vietnam’s rice is still maintaining a record, the price of Vietnam’s 5% broken rice has averaged $425-430/ton, which is also the highest level since November last year. This price is higher than the same rice of India 48-51 USD/ton and Thailand 18-23 USD/ton.

The export price of Vietnamese rice increased the highest compared to the two leading rice exporting competitors in the world and October 2022 is the milestone to bring the Vietnamese rice brand to more people.

Rice exports in Vietnam hold a worldwide record, on the one hand, affirming Vietnam’s position in the international market, and on the other hand, making Vietnamese rice a commodity trusted by many people.