Agri Commodities

Positive Signals For Vietnamese Rice Exports In 2023

Vietnam is the second biggest rice exporter in the world and the country ranks behind India(the world’s largest rice exporter) in the case of rice exports. Rice production and exports in Vietnam have received several good news and according to the Vietnamese Food Association (VFA), the exports of Vietnamese rice stand at their highest level. 

Experts say that the prices of Vietnamese rice would continue to remain high due to the ongoing economic and political uncertainties around the world. 

Vietnam’s Rice Exports 

Vietnam exported nearly 7.2 million metric tonnes(MMT) of rice worth 3.49 billion USD in the previous year (2021-22) which included many shipments to demanding markets such as Japan and the European Union (EU). 

Le Minh Hoan, Minister of Agriculture and Rural Development, said that the sales signaled that Vietnamese rice has become better in terms of quality by choosing the varieties for cultivation and bringing standardization to meet the requirements of the global markets. 

Many major Rice Exporters in Vietnam teamed up with farmers and cooperatives in rice-producing zones to generate a stable and quality rice supply as they are aware of the need to build strong and long-term business strategies. Many Vietnamese firms have already received orders for rice exports until April or even the 3rd quarter of this year (2023). 

Vietnam’s Rice Policy 

Do Ha Nam, the Vice-Chairman of the VFA said that thanks to Jasmine and high-quality rice production and exports, Vietnam has won over a number of markets and has recorded fast growth in demanding markets such as the United States of America and the EU. 

The Vietnam Food Association (VFA) has forecasted that domestic rice exporters will have a distinct advantage in the current year due to the high prices of the commodity in the global markets and the high demand from importing countries of rice such as China, the Philippines, and Africa. 

The Philippines is the biggest importer of Vietnamese rice and has decided to maintain an import tax of 35% on rice imports in the current year. In the meantime, Nam also said that China, the 2nd biggest Vietnamese rice importer, would be lifting the zero-COVID policy and reopening its borders with Vietnam. 

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