AsemconnectVietnam - The preliminary statistics figures of the General Department of Customs showed that, in the first quarter of 2024, Vietnam exported 2.18 million tonnes of rice, earning 1.43 billion USD, an increase of 17.6% in volume and 45.5% in value year on year.

In the first quarter of this year, the average export rice price also increased by 23.6% to 653.9 USD per tonne.
According to preliminary statistics from the General Department of Customs, in March 2024, Vietnam’s rice exports increased by 99.7% in volume and 90% in turnover compared to February 2024, reaching over 1.12 million tonnes valued at 709.6 million USD.
Leading rice export markets of Vietnam in the first quarter of 2024
The Philippines was the largest export market of Vietnamese rice in the first three months of 2024, reaching over 1.01 million tonnes, worth about 649 million USD, accounted for 46.4% of Vietnam’s total volume and 45.5% of the total value.
The export price to this market reached 641.7 USD per tonne, up by 27.3% compared to the first three months of 2023.
Rice exports to Indonesia ranked the second, increasing sharply by 199.7% in volume and 308.8% in revenue to 445,326 tonnes and 285.06 million USD. The average export price surged by 36.4% to 640 USD per tonne.
The third largest market was Malaysia with a growth of 28.8% in volume and 60.6% in turnover to reach 98,917 tonnes and 61.55 million USD, respectively.
In 2024, Vietnam aims to maintain rice cultivation area of 7.1 million hectares and rice output of over 43 million tonnes, ensuring domestic consumption and export of over eight million tonnes of rice.
The rice exports last year witnessed a breakthrough, with volume reaching 8.1 million tonnes worth 4.7 billion USD, up 14.4% in volume and 35.3% in value compared to the previous year. This is a record high export for Vietnam’s rice industry.
According to the Ministry of Industry and Trade, as of January 22, 2024, Vietnam had 161 eligible traders to export rice.
Ho Chi Minh City is the locality with the most rice exporters, with 36 traders. Followings are Can Tho (34 traders), Long An (22), Dong Thap (15) and An Giang (14).
Some other localities have only one trader qualified to export rice, including Ha Nam, Hau Giang, Khanh Hoa, Lang Son and Thanh Hoa.
State reserves department authorises purchases of 220,000 tonnes of rice for 2024
The Government has greenlit a plan to purchase a total of 220,000 tonnes of rice for the year 2024, according to the General Department of State Reserves.
The plan included 22 reserve departments in cities and provinces across the country, who are put in charge of 196 bidding packages to purchase domestically produced, long grain 15% broken rice, milled from the 2024 Spring harvest.
Contractors are to compete in open as well as online bidding sessions this month with a deadline set on May 2.
For bidding packages valued at over 10 billion VND, contractors must produce a security deposit of 3% of the package and 1.5% for those valued under the amount. The winners will be announced and published by the national bidding system.
In cases of price fluctuations, local reserve departments are tasked with reporting to the general departments for guidance and instructions to ensure purchase prices will not exceed those regulated by the Ministry of Finance.
Vietnam becomes biggest rice supplier for Singapore
Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
Vietnam was followed by Thailand with an export value of 33.63 million SGD, while India came third with 33.16 million SGD.
The decline in export value of regular brown rice and white rice was offset by the strong increase of sticky rice, milled or peeled fragrant rice and broken rice with turnovers of 3.79 million SGD, 18.06 million SGD and 575,000 SGD, respectively.
Particularly, besides Vietnam's traditional strong product of white rice, the turnovers of two other product groups - sticky rice and milled or peeled fragrant rice - also rose to dominate the majority of the market share in Singapore, reaching 80.08% and 73.33% respectively. This was the main factor that helps Vietnam surpass Thailand and India to become the country with the largest rice market share in Singapore, the office asserted.
According to the office, Thailand, India, and Japan have been major competitors of Vietnam in Singapore. India's ban of rice export from July 20, 2023, has created good conditions for Vietnam to increase market share in Singapore.
However, the office advised Vietnamese rice exporters to continue improving their competitiveness and enhancing the quality of rice.
The office will organise more exhibitions to increase the presence of Vietnamese rice in this potential market.
The office cited data from the Accounting and Corporate Regulatory Authority (ACRA) of Singapore as showing that Singapore imported nearly 112.9 million SGD worth of rice in the first three months of this year, up 23.86% year on year.
In order to increase market share and sustainably maintain its top position, according to the office, all ministries, sectors, localities, associations, and businesses should join hands together in strengthening promotion of Vietnamese rice products and trademarks.
Alongside, the signing of a memorandum of understanding in rice trading between Vietnam and Singapore will also be an effective tool for Vietnam to maintain its position of No.1 rice supplier in Singapore, it added.
CK
Source: VITIC/vietnamplus.vn/haiquanonline.com.vn