Vietnam rice exports breakthrough in 2024

Vietnam rice exports breakthrough in 2024

The Vietnamese rice industry is witnessing encouraging signs in terms of exports.

By the end of April 2024, rice export volume is forecast to reach around 3 million tons, generating over US$2 billion in revenue, a 60% increase compared to the same period last year.

Vietnamese rice prices are currently higher than those of Thailand and India by 5-10%, averaging over US$650 per ton in the second quarter of 2024. Due to a global rice supply shortage caused by El Nino and India's rice export ban, Vietnam has an opportunity to increase the value and volume of its rice exports.

Vietnamese rice exporters are shifting to shorter-term contracts of 2-3 months instead of long-term contracts, and are also focusing on product quality improvement, prioritizing the processing of fragrant rice varieties, and effectively exploiting potential markets.

Overall, the Vietnamese rice industry holds great potential for continued growth and breakthroughs in the coming period.

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