Vietnam is on track to achieve record-breaking rice export revenues, potentially surpassing US$5 billion in 2024. This growth is driven by high demand from both traditional and emerging markets and a surge in rice prices. According to the Ministry of Agriculture and Rural Development (MARD), the country exported 6.16 million tonnes of rice in the first eight months of 2024, a 5.9% increase compared to the same period last year, bringing in $3.85 billion—a year-on-year rise of 21.7%.

The average rice export price also climbed by 14.8%, reaching $625 per tonne. Vietnam’s rice quality has significantly improved, helping it to capture more global market share. This has been crucial as several rice-exporting nations, such as India, have imposed export bans, tightening global supply.

Traditional buyers such as the Philippines, Indonesia, and Malaysia continue to be key markets. However, Vietnam is expanding its reach into newer markets in Africa, the Middle East, Japan, and South Korea. This diversification has been a significant factor in boosting revenues and strengthening Vietnam’s rice export industry.

Nguyễn Như Cương, Director of the Crop Production Department under MARD, highlighted that despite a shrinking rice-growing area, advances in high-yield, high-quality rice varieties have allowed Vietnam to maintain and even grow its export output.

While challenges remain—such as climate change and global supply constraints—the Ministry of Industry and Trade plans to continue supporting exporters through flexible trade promotion activities and close monitoring of international market trends.

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