Vietnamese rice industry continues to receive good news.

According to Customs statistics, in the first half of November 2023, the whole country exported 332,214 tons of rice, worth 219 million USD. Cumulatively from the beginning of the year to November 15th, the country exported 7.37 million tons of rice, bringing in 4.15 billion USD.

According to estimates from the Ministry of Agriculture and Rural Development , in the first 11 months of 2023, Vietnam exported approximately 7.65 million tons of rice, earning 4.41 billion USD, an increase of 36.3% compared to the same period in 2022. This is the highest figure ever recorded.

Rice exports continue to receive good news.

Besides record export figures, on November 30th, Vietnamese rice continued to receive good news when it was honored as "World's Best Rice". Specifically, at the press conference for the Vietnam International Rice Industry Festival - Hau Giang 2023 on December 1st, Mr. Tran Nhu Cuong, Director of the Department of Crop Production (Ministry of Agriculture and Rural Development), announced that within the framework of the Global Rice Trade Conference organized by The Rice Trader in the Philippines, Vietnamese rice surpassed its competitors and was honored with the First Prize for "World's Best Rice".

This award is a testament to the proactive approach of our country's enterprises in researching, breeding high-quality varieties, and systematically commercializing them.

Accordingly, Vietnam had 3 businesses participating in the conference and submitted 6 rice samples for the award. Specifically, Ho Quang - Ho Quang Tri Enterprise submitted 2 rice samples (ST24, ST25); Loc Troi Group submitted 2 rice samples (LT28 and Nang Hoa 9); and ThaiBinh Seed Group submitted 2 rice samples (TBR39-1 and A Sao sticky rice).

"Being honored as the world's best rice once again affirms the quality and reputation of Vietnamese rice in the international market," Mr. Cuong asserted.

Along with the event of being honored as the world's best rice, according to data from the Vietnam Food Association (VFA), the export price of Vietnamese 5% broken rice also increased by 5 USD to 663 USD/ton in the trading session on November 30th. Notably, despite the recent sharp increase in the price of Thai rice of the same grade, Vietnamese rice still maintains its leading position in the world, far surpassing its competitor by 20 USD/ton (the latest data from Thai rice exporters indicates that the price of 5% broken rice from Thailand is currently at 640 USD/ton).

According to Vietnamese rice businesses and experts, the news that Vietnamese rice has been honored as the best rice in the world will certainly have a positive impact on the image of Vietnamese rice as well as Vietnam's rice exports in the coming time. This is because the global rice supply situation shows no signs of improving, with India expected to maintain rice export restrictions next year. Meanwhile, the demand for imports to ensure food security from countries such as the Philippines, Indonesia, and many others remains very high. Therefore, it is predicted that 2024 still has a lot of room for Vietnamese rice exports.

According to forecasts from the Ministry of Industry and Trade, Vietnam will export approximately 8 million tons of rice in 2023, generating around $4.5 billion in revenue, the highest level ever recorded.

The Ministry of Industry and Trade also noted that Vietnam has many opportunities amidst the fluctuations in the global rice market. This is also the time when Vietnam will welcome international customers who will purchase large and stable shipments over the long term.

However, businesses need to understand the fluctuations in import markets to guide their procurement of orders. In addition, choosing the right time to sign rice export contracts is crucial.

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