Vietnam imported 3.2 million tons of rice, the third largest in the world.

In 2024, Vietnam will import up to 3.2 million tons of rice and become the world's third largest rice importer after the Philippines and Indonesia.

In the updated report on the world rice market by the US Department of Agriculture (USDA), in 2024, Vietnam will import up to 3.2 million tons of rice, an increase of 300,000 tons compared to the report a month ago.

Vietnam's rice imports could reach over 3 million tons, the third largest in the world.

PHOTO: CONG HAN

Vietnam's rice imports have increased thanks to abundant supplies from neighboring Cambodia. According to the USDA, Vietnam started importing rice in 2020 but by 2021 the figure had exceeded 2 million tons. Initially, Vietnamese businesses mainly imported cheap rice from India. From 2022 onwards, Vietnamese businesses will mainly buy rice from Cambodia as farmers there switch to using fragrant and high-quality rice varieties from Vietnam. This helps Cambodian farmers have better incomes and also supports Vietnamese businesses to develop rice trade. It is forecasted that in 2025, Vietnam will continue to import about 3.1 million tons of rice, mainly from Cambodia.

On the other hand, Vietnam is also a major rice supplier to countries in the region such as the Philippines, Indonesia and Malaysia. In particular, Vietnam's rice exports increased to a record 8.9 million tons due to the high demand for rice in the main consumer market, the Philippines. USDA forecasts that the Philippines will import up to 5 million tons of rice, and Vietnam is the key supplier with 80% of the market share. The Philippines increased rice imports due to the country's recent consecutive storms that have severely affected production activities. In addition, the country's import tax cut in the middle of this year also encouraged increased international rice trade. "In 2025, the Philippines will continue to increase rice imports by 100,000 tons compared to 2024, reaching 5.1 million tons," the USDA report said.

Red is the amount of imported rice and black is the amount of exported rice of Vietnam.

SOURCE: USDA

With rice imports reaching 3.2 million tons, Vietnam will be the third largest rice importer in the world after Indonesia with about 3.7 million tons and the Philippines with 5 million tons. "It is forecasted that in 2025, Vietnam's rice exports will decrease to about 7.35 million tons, ranking third in the world. The reason is that India is returning to the market and this country will export about 22 million tons of rice of all kinds, ranking first in the world. Thailand with 7.5 million tons will be in second place," according to USDA.

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Source: https://thanhnien.vn/viet-nam-nhap-khau-32-trieu-tan-gao-nhieu-thu-3-the-gioi-185241115141335811.htm