Rice exports could bring in a record turnover of 5 billion USD this year if the pace of shipment is maintained like at present, according to Vu Tuan Anh, CEO of GLE company, a rice exporter.
PSNews - In the first 3 months of 2024, Vietnam exported a large quantity of rice to Singapore, becoming the largest rice exporter to this market. Vietnamese rice now has a 32.3% market share in Singapore, according to the Vietnam Trade Office in Singapore.
PSNews - According to the Ministry of Agriculture and Rural Development, Vietnam’s rice exports topped 3.66 billion USD in the first nine months of 2023, an increase of 40.4% year-on-year.
PSNews - The growth in turnover is higher than the growth in volume, therefore the average value of each ton of rice exported this year is also higher than the same period in 2022. Export prices averaged $539 per ton, up 10.2% year-on-year.
Vietnamese rice has seen a number of advantages of export markets as both orders and selling prices have increased sharply, according to industry insiders.
Vietnamese rice exports during the first quarter of the year witnessed robust growth in both traditional and potential markets, with the number of rice export orders and price rising sharply, heard a meeting held on April 26 in Ho Chi Minh City.
Rice is one of Vietnam's major exports and Vietnam has maintained the position as one of the world's top ten biggest rice exporters for many years.
The prospect of the Vietnamese rice export sector later this year is forecast to be bright given the nation’s recent successful bids for supplying rice for Indonesia and the Philippines.
The Ministry of Agriculture and Rural Development (MARD) has asked South Central and Central Highlands provinces to strive to produce at least 2.5 million tonnes of rice in this year’s upcoming crops.
The Philippines is considering an emergency purchase of up to 250,000 tonnes of rice from Vietnam or Thailand to ensure enough rice for domestic consumption during months of bad harvest.
Up to 100,000 tonnes of Vietnamese rice will be shipped to the EU each year tax-free in 2018 following the Vietnam-EU Free Trade Agreement, helping local rice exporters penetrate the market.
