Export rice prices increase by 14.8%
According to Ministry of Agriculture and Rural Development, by the end of August 2024, the country had planted nearly 6.6 million hectares of rice; harvested an estimated 4.45 million hectares; output was estimated at over 28.7 million tonnes, up 1.2% over the same period last year. In the first 8 months of 2024, rice exports reached over 3.8 billion USD, up more than 21% over the same period last year. Export output reached nearly 6.2 million tonnes, up nearly 6%. Average export price of rice in the first 8 months reached 625 USD/ton, up 14.8%.
Speaking to reporters of Industry and Trade Newspaper, Mr. Nguyen Nhu Cuong - Director of Department of Crop Production (Ministry of Agriculture and Rural Development) said that supply of some rice exporting countries is currently limited, while quality of Vietnamese rice is increasingly improving, meeting demanding needs of the world market. Along with that, businesses are also actively negotiating and achieving good results with partners. Thanks to that, export rice output has also increased and price of Vietnamese rice is guaranteed. Commenting on rice export market in the remaining months of 2024, Mr. Nguyen Nhu Cuong said that demand for rice imports from traditional customers of Vietnam such as the Philippines, Indonesia, Malaysia, ... will continue to remain high. Along with that, Vietnam's rice exporting enterprises are also actively expanding to new markets such as: Middle East, Africa, South America, Japan, Korea... Therefore, it is forecasted that in 2024, domestic rice production is estimated to reach about 43.4 million tonnes of paddy and about 8 million tonnes of rice can be exported.
Sharing same view on this issue, talking to reporters and the press, Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development assessed that although Vietnam's rice area has decreased to 7.12 million hectares, rice export output is still guaranteed thanks to new rice varieties, high productivity and quality. With increasing import momentum of partners, Vietnam's rice export is expected to reach about 8 million tonnes this year, earning more than 5 billion USD and setting a new record for the industry.
Sharing same view on this issue, talking to reporters and the press, Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development assessed that although Vietnam's rice area has decreased to 7.12 million hectares, rice export output is still guaranteed thanks to new rice varieties, high productivity and quality. With increasing import momentum of partners, Vietnam's rice export is expected to reach about 8 million tonnes this year, earning more than 5 billion USD and setting a new record for the industry.
On business side, it is also assessed that demand is high, in context of scarcity of supply from other countries and quality of Vietnamese rice is increasingly improved, so rice exports are expected to continue to "brighten" in the last months of the year. With export results of the first months of the year and recent market developments, businesses believe that in 2024, Vietnam's rice exports may reach the 5 billion USD mark for the first time.
Continue to open up market, promote trade promotion
In addition to favorable aspects, according to experts, in 2024, global rice trade market will still face challenges: Global rice supply will decrease (due to the continued impact of rice export bans from some markets such as India, UAE, Russia and the El Nino phenomenon, climate change, in many regions); Geopolitical situation is still complicated; ... is expected to affect rice export business activities of Vietnamese traders in the last months of 2024.
To develop market and promote trade, Import-Export Department (Ministry of Industry and Trade) - said that Department will continue to flexibly organize and implement trade promotion activities, combining traditional and online forms to strengthen cooperation in rice trade with traditional markets such as Indonesia, Africa, China...; exploit niche markets with fragrant rice, high-quality rice that we have penetrated in recent years such as the EU, Korea, the United States, North America, ...
In addition, strengthen market information work; maintain a reporting regime, provide information from Trade Offices, Trade Office branches in countries and territories to monitor and closely follow developments in the world market situation, especially situation of major markets to promptly propose handling measures; Proactively take measures to respond to unusual developments and promote rice exports. At the same time, coordinate with diplomatic missions and trade missions abroad to continue supporting businesses in promoting rice exports; strengthen diplomatic activities and direct and support Vietnam Trade Office in grasping information and market developments, mobilizing competent authorities of other countries to pay attention to rice supplies from Vietnam and strengthen rice trade relations with Vietnam. Organize invitations for foreign business delegations to Vietnam to connect with Vietnamese businesses in the coming time.
Currently, rice prices are increasing again due to favorable exports, many types of rice have increased in quantity and price. This growth not only benefits farmers but also contributes significantly to agricultural economy of the Mekong Delta in particular and the whole country in general. However, to maintain sustainable growth momentum of Vietnam's rice industry, experts say that there needs to be close coordination between farmers, businesses and state management agencies.

Source: Vitic/ congthuong.vn