Vietnamese rice processing and exporting enterprises believe that rice exports will still have much room for growth.
Rice exports hit new record
Vietnam rice export 2024 set a new record, surpassing the 5 billion USD mark in value and export output also reached the highest level of more than 8 million tons in the past 11 months. Low rice inventory, rice import demand in many markets has tended to increase since the first months of the year, opening up great opportunities for Vietnamese rice exports.
Rice exports have grown strongly, thanks to strong imports from all three major rice consuming markets of Vietnam, the Philippines, Indonesia and Malaysia. The Philippines alone has exported over 3.6 million tons of rice, accounting for more than 50% of total rice export turnover.
Mr. Nguyen Van Thanh - Director of Phuoc Thanh IV Production - Trading Company said: "Firstly, Vietnamese rice is to bring out products suitable for Philippine consumers. Second, Vietnamese traders have also prepared to invest in infrastructure, high-tech machinery and equipment, making it popular in the Philippine market."
"We are the largest exporter to the Philippines with an annual output of nearly 3 million tons. This is an important market, we can regulate and coordinate based on supply and demand as well as the quality of Vietnamese rice to increase value and bring in turnover for the country," said Mr. Nguyen Phuong Lam - Director of the Vietnam Federation of Commerce and Industry, Mekong Delta branch.
The impressive growth in rice exports this year is also due to the high export price of rice since the beginning of the year, with an average price of 626 USD/ton. In particular, 5% broken rice has increased since the end of last month and is currently priced at 522 USD/ton. This helps Vietnamese rice maintain its expensive position among the world's largest rice exporting countries.
A business said that it packages about 200 tons of rice every day and is urgently completing the final export order of 5,000 tons in 2024. Although it does not gain additional profits from the increase in rice prices due to previously signed contracts, the business is still happy because it will certainly complete the export target of 100,000 tons/year; at the same time, it has high expectations for export growth opportunities next year.
Rice exporting enterprises proactively seize opportunities
Setting a new record in rice export growth is a great joy for businesses and tens of millions of farmers in the Mekong Delta. With forecasts that rice exports will face many difficulties and advantages, in addition to maintaining processing capacity, rice exporting enterprises are also proactively seizing opportunities and continuing to stabilize export growth in the new year 2025.
Hoang Minh Nhat Joint Stock Company, Can Tho City, said that in a few weeks, the company will complete the year-end rice export shipment with an output of about 5,000 tons. Along with the joy of completing the annual plan target, the company is also excited that the export rice price is maintaining a high growth rate, promising many prospects for continued favorable export contract negotiations next year.
According to many international forecasts as well as analysis by economic experts, rice exports in 2025 will likely not be as favorable as this year. Because the global rice export supply will increase sharply, exceeding 56,300,000 tons as many countries are making efforts to expand production and self-sufficient food supply; at the same time, the major rice exporting country India is reopening its supply. However, Vietnamese rice processing and exporting enterprises still believe that rice exports will have much room for growth.
There is actually information rice yield India's rice exports are expected to fall by up to 8% from last year's record, so the government may have to extend its policy of restricting rice exports.
Regardless of the fluctuations in output, with many positive signals, especially as potential rice importing countries are shifting their purchasing power to Vietnamese rice, rice exports are likely to continue to grow strongly.
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