Even with spectacular breakthroughs, it's still necessary to stay level-headed.

Although 2024 is not yet over, Vietnam's rice exports are already poised for a banner year, with export figures for the first 10 months of 2024 surpassing the record set for the entire year of 2023.

Recently, Deputy Minister of Agriculture and Rural Development Phung Duc Tien expressed his delight at the very encouraging figures for rice exports. Deputy Minister Tien reported that rice exports in the first 10 months reached US$4.86 billion (compared to US$4.68 billion for the whole of 2023). Exports totaled 7.8 million tons in the first 10 months, and the remaining two months of 2024 could see export figures exceeding 8 million tons.

" India has just resumed rice exports, but the fragrant rice and premium rice segments from Vietnam are still fetching good and stable prices ," Deputy Minister Tien added.

In his account, Deputy Minister Phung Duc Tien said that Prime Minister Pham Minh Chinh frequently called him to inquire about the situation and update him on export figures for the agricultural sector.

Staying informed about market developments is always a top priority for Vietnamese rice export businesses. (Illustrative image)

It can be said that rice exports towards the end of the year not only brought good news but also strongly encouraged hopes for growth for the entire economy . In particular, Vietnamese rice exports have maintained a stable "leading position" in several markets. This "leading position" not only ensures a stable supply of rice but also helps other countries feel more secure in ensuring their national food security.

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Rice exports have slowed, and prices have fallen slightly due to pressure from transportation costs.Domestic rice prices remained stable, but the export market showed signs of slowing down; meanwhile, coffee prices fell slightly, reflecting a general adjustment trend in the agricultural market due to supply pressures and global fluctuations.

In the first 10 days of May, 23 ships loaded with rice sailed to the Philippines for sale; the world's largest rice buyer needs to purchase 5 million tons.In April alone, the Philippines purchased 510,053 tons of rice from Vietnam, worth $225 million, accounting for 46.4% of Vietnam's total rice exports that month. In the first 10 days of May, 23 out of 25 ships that docked at Ho Chi Minh and My Thoi ports were loading rice for shipment to the Philippines.

The Ministry of Industry and Trade has issued regulations on product and goods quality management.On June 30th, the Ministry of Industry and Trade issued Circular No. 34/2026/TT-BCT regulating the quality management of products and goods under the state management responsibility of the Ministry of Industry and Trade.

Rice exports are clearly a bright spot in the country's economic picture in 2024, while the rice export market could still bring new opportunities not only in the last months of 2024 but also into 2025.

However, we still need to be very vigilant to fully solve the global rice trade market problem, even though Vietnam's rice exports are in a much more secure position than before.

Internally, Vietnamese rice exporting businesses still need to pay special attention to ensuring and maintaining the quality of rice across shipments. This is arguably a crucial factor in maintaining the trust of international partners and customers, including both traditional and new ones.

Especially during times like these, Vietnamese rice exporting businesses need to maintain healthy competition, not sacrificing the image of rice exports in terms of price and quality for the sake of business interests. Undercutting rice prices to gain market share, especially during such periods, not only harms individual businesses but also threatens the reputation and overall interests of the entire industry.

Regarding overseas markets for rice exports, experts emphasize the need for increased market information to promptly understand developments that directly and indirectly affect rice exports, particularly consumer demand, habits, and market trends. Furthermore, focusing too much on traditional markets should not lead to neglecting niche markets, even if their export value may be modest.

The Ministry of Industry and Trade, in its role as a state management agency, has been and continues to be interested in implementing trade promotion activities, combining traditional and online methods to strengthen cooperation in rice trade with traditional markets such as Indonesia, Africa, China, etc.; and to explore niche markets with fragrant rice and high-quality rice varieties that have been successfully penetrated in recent years, such as the EU, South Korea, the United States, and North America.

United States - Vietnam: Don't miss

The Ministry of Foreign Affairs received a copy of the Letter of Credence for the U.S. Ambassador to Vietnam.On the afternoon of July 2nd, at the Ministry of Foreign Affairs headquarters, Mr. Le Cong Dung, Director of the State Protocol and Foreign Interpretation Department, received a copy of the Letter of Credence from Ms. Jennifer Wicks, Ambassador of the United States of America to Vietnam.

Ambassador Nguyen Quoc Dung visits and works in Minnesota, USA.From June 28-30, the Vietnamese Ambassador to the United States, Nguyen Quoc Dung, paid a visit and worked in Minnesota.

Vietnam encourages US businesses to expand investment in high technology.On the morning of June 26th, at the Government Headquarters, Deputy Prime Minister Ho Quoc Dung received Mr. Jeff Place, Supply Chain Director of Coherent Group (USA). During the meeting, the Deputy Prime Minister affirmed that Vietnam encourages US businesses to expand investment, especially in high-tech, innovation, and semiconductor industries.

In addition, it is necessary to strengthen market information dissemination; maintain a reporting system and provide information from trade offices and branches in countries and territories to monitor and closely follow developments in the world market, especially in major markets, in order to promptly propose remedial measures; proactively take measures to respond to unusual developments and promote rice exports.

Simultaneously, strengthen diplomatic efforts and provide guidance and support to Vietnamese trade offices in gathering information on market trends, lobbying competent authorities in other countries to pay attention to rice supplies from Vietnam, and enhancing rice trade relations with Vietnam.

Source: https://congthuong.vn/xuat-khau-gao-viet-nam-2024-but-pha-ngoan-muc-van-can-tinh-tao-356756.html