Vietnam's rice exports in 2023 will reach nearly 4 billion USD

In the first 6 months of this year, Vietnam's rice export volume is estimated at 4.27 million tons with a value of 2.3 billion USD, an increase in both volume and value compared to the same period in 2022.

On July 6, the Ministry of Agriculture and Rural Development held a conference to discuss rice exports. At the conference, Deputy Director of the Department of Quality, Processing and Market Development (Ministry of Agriculture and Rural Development) Le Thanh Hoa said that domestic rice prices would decrease in the first quarter of 2023, then gradually increase and stabilize in the last two months of the second quarter.

Regarding exports, in the first 6 months of 2023, the volume of exported rice is estimated at 4.27 million tons with a value of 2.3 billion USD, up 22.2% in volume and 34.7% in value over the same period in 2022. Of which, the Philippines is the largest market with 1.53 million tons, worth 772.4 million USD, up 20.7% in volume and 31.1% in value over the same period last year, accounting for 40.3% of the total volume of exported rice.

China is the second largest market with 632,469 tons (up 62.8%), worth 364.17 million USD (up 79.2%), market share accounting for 19%. Indonesia unexpectedly rose to the number 3 position in the rice export market in the first months of 2023 with 369,032 tons, up 16 times over the same period last year...

Regarding rice export prices, the average in the first 6 months of 2023 is estimated at 539 USD/ton, an increase of 10.2% over the same period in 2022.

The prospects for Vietnam's rice export market in the coming time are very large as Europe, Korea, Australia and some new markets in the Middle East create opportunities to increase the export of high-quality rice, especially, consumers are favoring high-quality rice from Vietnam.

In addition, demand in traditional markets such as Indonesia is increasing again. China has opened its market after the Covid-19 pandemic, import demand is expected to return to previous years. It is forecasted that Vietnam's rice exports in 2023 will reach about 6.6-7 million tons, worth nearly 4 billion USD.

Besides the advantages, rice production and export also face difficulties, unstable supply throughout the year due to the crop structure. Rice production faces many risks due to climate change, El Nino phenomenon, saltwater intrusion; competition between major countries, between major economies, changes in trade policies, conflicts, increasing protectionism. Countries continue to increase technical barriers, trade defense measures...

In order to implement the goals and solutions for developing the rice export market in the Strategy for Developing Vietnam's Rice Export Market to 2030 and the direction of the Prime Minister in Official Dispatch No. 610/CD-TTg dated July 3, 2023, the Department of Quality, Processing and Market Development recommends that the Ministry of Agriculture and Rural Development review and update standards in the rice value chain in accordance with the international market; update information, support production according to market demand, consumer tastes...

Propose that the Ministry of Industry and Trade study and share market information, evaluate and forecast long-term demand and consumer tastes in each market area to serve the orientation and adjustment of production and export activities; connect trade, promote consumption; develop and open markets for Vietnamese agricultural products to diversify the market.

State Bank ensures preferential credit sources for rice exporting enterprises...

Speaking at the conference, Minister of Agriculture and Rural Development Le Minh Hoan emphasized that the opportunity has come, we need to seize the opportunity to boost rice exports. The Ministry will soon work with the Ministry of Industry and Trade and other ministries and sectors to hold a meeting to quickly remove difficulties and support businesses to seize opportunities from the market. Along with that, the Ministry will seek mechanisms and policies to support the restructuring of the rice industry towards improving quality, ensuring increased value...

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