Vietnam Hits 8 Million Tonne Mark in Rice Exports

Vietnam has reached a major milestone in 2024, exporting 8.05 million tonnes of rice by November 15 and earning $5,05 billion in revenue, according to the General Department of Customs. The first half of November alone saw 293,484 tonnes exported, reflecting the robust demand for Vietnamese rice in global markets.

For the first ten months of the year, Vietnam exported nearly 7.8 million tonnes of rice, valued at $4,86 billion. Compared to the same period in 2023, export volumes rose by 10.2%, while revenue surged by 23.4%, highlighting both higher global demand and improved export prices.

Philippines Tops Import List for Vietnamese Rice

The Philippines continues to dominate as the largest buyer of Vietnamese rice, accounting for over 45% of total exports by the end of October. Import volumes hit 2.91 million tonnes, driven by the Philippines' efforts to mitigate the impact of natural disasters on domestic production and rising consumption needs.

The Vietnam Trade Office anticipates continued growth in demand for Vietnamese rice in the Philippines during the final quarter of the year, particularly as local shortages intensify.

Southeast Asia’s Growing Appetite for Vietnamese Rice

Key markets like Indonesia and Malaysia are also showing strong demand. Among Vietnam's major rice export destinations, Malaysia recorded the fastest growth, with import values rising 2.3 times compared to last year.

In Indonesia, Vietnamese exporters secured 83,500 tonnes in a recent tender for 500,000 tonnes. This demand is expected to grow, with Indonesian buyers favoring Vietnam’s rice for its consistent quality despite competition from other exporters like India.

Projections for 2024: Strong Growth Ahead

With continued demand in markets such as the Philippines and Indonesia, Vietnam's total rice export volume could surpass 4 million tonnes for the Philippines alone by the end of 2024. These trends, fueled by challenges in local production across importing nations, are likely to sustain Vietnam's position as a top rice exporter.





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