Vietnam’s rice exports exceed $5bn for 1st time
Vietnam’s rice exports exceed $5bn for 1st time
Vietnam exported nearly 8.5 million metric tons of rice worth US$5.31 billion from January to November this year, marking the first time the country has earned more than $5 billion from rice exports in a year, according to the Ministry of Agriculture and Rural Development.
Workers load bags of rice onto a ship for export at My Thoi Port in Long Xuyen City, An Giang Province, southern Vietnam. Photo: Buu Dau / Tuoi Tre |
Rice exports in the 11-month period increased 10.6 percent in volume and 22.4 percent in value over the same period in 2023.
Deputy Minister of Agriculture and Rural Development Phung Duc Tien reported the performance of the country’s agro-forestry-fishery sector in January-November 2024 on Wednesday, saying that the sector obtained several bright milestones in production and exports despite multiple difficulties and challenges.
The Philippines was the biggest buyer of Vietnamese rice in January-November, accounting for 46.1 percent of sales.
Indonesia and Malaysia came in second and third with 13.5 and 8.2 percent, respectively.
Experts attributed Vietnam’s rice exports surpassing $5 billion for the first time to rising rice export prices.
In January-September, average rice export prices hit $626 per metric ton, up 13.4 percent year-on-year.
To date, three agricultural products have helped fetch over $5 billion in export revenue each for Vietnam in a year, including rice, vegetables and fruits, and wooden products, news site vtv.vn reported.
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| Workers load bags of rice onto a ship for export at My Thoi Port in Long Xuyen City, An Giang Province, southern Vietnam. Photo: Buu Dau / Tuoi Tre |
Deputy Minister Tien also reported that Vietnam’s agro-forestry-fishery exports hit $56.74 billion in the 11-month period, exceeding the target of $55 billion set for the sector by the prime minister.
Besides rice, key export earners included coffee, vegetables, and fruits.
The country shipped 1.2 million metric tons of coffee abroad, generating $4.84 billion, down 15 percent in volume but surging 33 percent in value over the year-ago period.
Vegetable and fruit exports hit a new record with $6.6 billion in export turnover.
If the country exports over $5 billion worth of agro-forestry-fishery products this month, it will earn a total of $60 billion this year, Tien projected.
He added that the sector has received the support of the government to hit these targets.
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| Deputy Minister of Agriculture and Rural Development Phung Duc Tien said Vietnam’s agro-forestry-fishery exports may fetch over $60 billion in 2024. Photo: C.Tue / Tuoi Tre |
The Ministry of Agriculture and Rural Development has also employed various solutions to boost production.
The sector has undergone a restructuring period and involved a circular and green economy to reduce emissions in rice cultivation, seafood farming and livestock over the past many years.
It has applied technology and science transferred by other countries and promoted trade, focusing on traditional markets like China, the U.S. and the European Union, and Halal markets, Tien shared.
