Record-Breaking Export Performance

Vietnam’s rice exports generated $5,3 billion in the first 11 months of 2024, marking a 22.4% increase year-on-year and a 10.8% rise compared to the entire revenue from 2023. This impressive growth reflects the sector’s resilience and adaptability, according to the Ministry of Agriculture and Rural Development (MARD).

Focus on High-Quality Rice Varieties

Vietnam’s success stems from a strategic shift toward cultivating high-quality fragrant rice varieties. Farmers and businesses are increasingly targeting international markets with premium rice products, which often command higher prices than competitors.

The agriculture ministry reported that 95% of rice varieties grown in Vietnam are classified as high-quality, with 89% of total rice output falling into this premium category. These efforts have allowed Vietnam to maintain an average export price of $627 per ton, even amid competitive pressures from India’s return to the global rice market.

The Philippines remains Vietnam's largest rice buyer, accounting for 46.1% of total shipments. Indonesia follows with 13.5%, and Malaysia ranks third at 8.2%. These markets highlight Vietnam’s strong presence in Southeast Asia.

Surge in Rice Imports

On the import side, Vietnam purchased rice from countries like Myanmar, Pakistan, and Cambodia. The value of imports reached a record $1,24 billion between January and November 2024, a 57% increase compared to last year. Imported rice, primarily used for products like noodles, helps reduce production costs and stabilize the domestic supply.

This dual strategy of boosting exports while importing rice enables Vietnam to meet international demand during peak seasons and optimize its domestic supply chain.

Sustainability and Future Goals

Vietnam’s rice industry is also focusing on sustainable practices. Deputy Minister Phung Duc Tien announced plans for a one-million-hectare high-quality, low-emission rice project. This initiative aims to enhance production value while minimizing environmental impact. If successful, it could bolster Vietnam’s global competitiveness and position the country as a leader in sustainable agriculture.

Conclusion

With its focus on premium rice varieties, strategic market positioning, and commitment to sustainability, Vietnam continues to solidify its role as a major player in the global rice market. By balancing exports and imports effectively, the country is well-equipped to maintain its leadership and adapt to evolving global demands.









Click here to reach our trading platfrom CMBroker