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Apr 10, 2024 / 17:58

Vietnam earns US$1.4 billion from rice exports in Q1

Vietnam is targeting $5 billion in rice exports this year. The country currently ranks third in the world in terms of rice exports.

In the first three months of the year, Vietnam exported over 2.1 million tons of rice, valued at nearly $1.4 billion, marking an increase of approximately 42% over the same period last year.

 Rice harvest in Hanoi's suburban areas. Photo: Pham Hung/The Hanoi Times

These are the latest figures released by the Ministry of Agriculture and Rural Development (MARD), citing data from the General Department of Vietnam Customs.

According to the ministry, rice exports are now among the agricultural products with the highest growth rates.

The surge was driven by key markets such as the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore all increasing their purchases of Vietnamese rice. Of particular note is the dominance of Vietnamese rice in the first quarter auctions held in the Philippines.

However, the MARD notes that while these countries are increasing their purchases, they are diversifying their sources of supply. Countries such as the Philippines and Indonesia are making efforts to increase domestic rice production by enhancing productivity and expanding acreage this year. Additionally, these countries are providing support through programs such as fertilizer subsidies and high-quality seeds, along with financial assistance to local farmers to accelerate planting.

The Indonesian government recently decided to increase the budget allocation for fertilizer subsidies this year by an additional $1.77 billion, bringing the total to around $3.4 billion, as part of efforts to boost agricultural productivity in the country.

In the African market - a traditional rice importing region for Vietnam, rice production is also funded by other countries, to achieve food self-sufficiency.

Therefore, the ministry emphasizes the need for businesses to diversify markets and improve quality to make Vietnamese rice more competitive globally.

The current export price for Vietnamese 5% broken rice stands at $576 per ton, down 12% at the start of the year. This is the lowest price recorded since the beginning of the year and lower than prices from Thailand and Pakistan.

This year, Vietnam targets rice exports worth $5 billion. Last year, the country's total rice exports reached 8.13 million tons valued at $4.7 billion, a record high. Vietnam currently ranks third in the world in terms of rice exports.