Vietnam’s rice industry is experiencing a golden period, with exports projected to surpass 5 billion USD this year, fueled by robust global demand and stable prices, according to experts.
Hanoi (VNA)𒊎 – Vietnam’s rice industry is experiencing a golden period, with exports projected to surpass 5 billion USD this year, fueled by robust global demand and stable prices, according to experts.
Between January and July, Vietnam shipped over 5.1 million tonnes of rice worth 3.2 billion USD aboard, up 25% in volume and 5.8% in value annually, reported the Ministry of Agriculture and Rural Development.
The Vietnam Food Association said the average export price of Vietnamese rice reached a record high of 636 USD per tonne, surpassing major competitors like Thailand, Pakistan, and India.
Traditional markets such as the Philippines, Indonesia, and China continue to be major buyers, while Vietnam is boldly venturing into new markets, including the Middle East, Africa, South America, the Republic of Korea and Japan.
The superior quality of Vietnamese rice, exemplified by the ST25 variety being twice named "World's Best Rice", is a key competitive advantage.
The global rice market is facing a shortage of 7 million tonnes this year, with some countries imposing export restrictions and others building up reserves. This presents Vietnam with both significant opportunities and challenges.
In this setting, the Ministry of Industry and Trade (MoIT) has urged rice exporters to closely monitor market fluctuations and exercise caution in pricing to maintain Vietnam's reputation for premium rice.
To address the complex issues facing the rice industry, the MoIT and the Ministry of Agriculture and Rural Development have proposed establishing a national rice council to coordinate research, policymaking, and industry development.
The council, serving as an inter-sectoral coordinating body, aims to foster connections across the entire rice value chain, from production to export, and elevate the global brand of Vietnamese rice./.
Special mechanisms and policies must be put in place to encourage investments in the processing of rice by-products, a bold step that helps deliver significant benefits to farmers while contributing to carbon footprint reduction, according to insiders.
Rice exporters of Vietnam and Thailand are competing to gain a larger market share in the Philippines, reported Nikkei Asia in an article published on August 2.
Vietnam continued to be the top source of rice in Singapore, with 73.4 million SGD (over 54.6 million USD) worth of rice shipment to the nation during January-June, a year-on-year surge of 54.67%.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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