AsemconnectVietnam - Rice is the commodity with the highest growth in export value among Vietnam's agricultural, forestry and fishery products.

According to the Ministry of Agriculture and Rural Development, in the first five months of 2023, Vietnam’s rice exports reached nearly 3.9 million tonnes, worth of 2.02 billion USD, up by 40.8 percent in volume and by 49 percent in value over the same period of 2022. This is also the strongest growth rate in the same period from 2013.
The price of exported rice has continuously increased since the beginning of 2023, reaching an average of 517 USD/tonne, which is the highest average export price in the past ten years.
China and Southeast Asian markets such as Indonesia and Singapore are increasing their import of Vietnamese rice, especially high-quality rice.
Vietnam to diversify rice export markets
Vietnam will develop and diversify rice export markets with a reasonable, stable, and effective scale, market and product structure under a strategy recently approved by the Prime Minister.
The Strategy on Development of Vietnam's Rice Export Markets until 2030 sets the targets of improving the value of exported rice, and reducing export volume by 2030 to about 4 million tonnes with a turnover of about 2.62 billion USD.
The Ministry of Agriculture and Rural Development reported that last May, Vietnam shipped abroad some 1 million tonnes of rice valued at 489 million USD, raising rice export volume and value in the first five months of this year to nearly 3.9 million tonnes and 2.02 billion USD, representing year-on-year increases of 40.8% and 49%, respectively.
Under the strategy, Vietnam's rice sector will also increase exports of high-quality rice. Specifically, between 2023 and 2025, the proportion of low- and medium-grade white rice will not exceed 15%; high-grade white rice will account for about 20%; fragrant rice, japonica rice and specialty rice 40%; sticky rice 20%; rice products with high added value such as nutritious rice, parboiled rice, organic rice, rice flour, rice-processed products, rice bran and some other rice by-products 5%; and rice with brand names 20%.
Nguyen Van Thanh, Chairman and CEO of Phuoc Thanh IV Trading - Production Company Limited, said the adjustments are suitable, explaining that the Mekong Delta, Vietnam's rice bowl, reduced the number of rice crops to only one from three.
Experts said intensive processing will help Vietnam raise its rice value by multiple times, noting it requires investment in science-technology to put the grain on market shelves in Europe, the US, Canada, Japan and the Republic of Korea (RoK).
Deputy Minister of Agriculture and Rural Development Phung Duc Tien said up to 85% of Vietnamese rice varieties are high-quality ones. Therefore, prices of Vietnamese rice have exceeded those of Thailand to stand at 485-495 USD per tonne.
Given requirements of markets and free trade agreements, the research of high-quality rice varieties with affordable prices has proven effective in rice production, especially in terms of food security, he said.
CK
Source: VITIC/VGP/Vietnamplus.vn