Vietnam enjoys increase in rice exports in early 2024
Vietnam enjoys increase in rice exports in early 2024
Vietnam exported US$4.78 billion worth of rice in 2023, up 36.6 percent in value year on year, marking a record high for outbound rice shipment value in the past several years, heard a conference held in Da Nang City on Wednesday.
Some varieties of Vietnamese rice are on display at an international rice conference held in Da Nang City on March 6, 2024. Photo: Truong Trung / Tuoi Tre |
The conference for the global rice trading community brought together 400 industry giants from a slew of countries, including India, Thailand, and Myanmar.
Speaking at the international conference, Nguyen Anh Son, head of the Import-Export Department under the Ministry of Industry and Trade, said that Vietnam’s rice exports are likely to see positive signs in 2024, despite multiple global uncertainties.
The Southeast Asian country exported rice worth $362 million in the first month of 2024, a year-on-year increase of seven percent.
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| Rice products from Southeast Asian nations are introduced at an international rice conference held in Da Nang City, central Vietnam on March 6, 2024. Photo: Truong Trung / Tuoi Tre |
Besides, rice prices are predicted to surge this year due to global supply issues caused by continued restrictions on shipments from India.
The El Nino weather phenomenon, expected to trigger droughts, will threaten global rice supply.
These global challenges are a big opportunity for Vietnamese rice firms and exporters to boost exports.
Vietnamese rice is currently sold in 180 nations and territories.
It is favored by many selective markets such as Europe, the United States, South Korea, Australia, and the Middle East.
A Ministry of Industry and Trade representative stated that Vietnam holds a position among the top three global rice suppliers, contributing to 15 percent of the total world rice exports.
