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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The rice and grain market is under pressure from rising transportation costs.Following a sharp decline, domestic coffee prices recovered nearly 3% last week, while the global rice and grain markets faced pressure from rising transportation costs due to geopolitical conflicts, leading to continued sluggish export activity.

Rice prices today, May 18th: Market remains stable, export rice maintains above $510.Rice prices in the Mekong Delta region remained stable on May 18th, with quiet trading sessions. Notably, Vietnamese export rice continued to maintain significantly higher prices compared to Thailand and India.

Vietnamese rice prices are the highest in the world.Vietnamese rice prices continue to be the highest in the world, the highest among the four largest rice exporting countries. Fragrant rice and high-quality rice have yielded noticeable results.

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

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.

Encourage U.S. businesses to expand investment in high-tech sectors.Deputy Prime Minister Ho Quoc Dung said that Vietnam welcomes US businesses to continue expanding their operations in Vietnam, especially in high-tech industries and sectors with high added value.

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