Vietnam Sets New Record for Rice Exports in 2024
Vietnam’s rice exports have surged to new heights, with over 9 million tonnes exported, generating a value of 5.7 billion Us dollars. These figures represent substantial year-on- year growth, with an 11% increase in volume and a 24% increase in value compared to 2023.
The Philippines remains Vietnam's largest rice importer, accounting for 46.1% of Vietnam's rice export market in 2024. Indonesia and Malaysia follow with market shares of 13.5% and 8.2%, respectively. Notably, rice exported to the Philippines surged by 59.1%, while Indonesia saw a 20.2% increase, and Malaysia experienced a remarkable 2.2-fold growth.
Among Vietnam's top 15 rice export markets, Malaysia saw the strongest growth in export value, while China recorded the sharpest decline, down 71.3%.
For the first time, Vietnam's rice exports surpassed five billion US dollars, driven by a rise in average export prices. The average export price of Vietnamese rice was estimated at 627 US dollars per tonne, up 10.6% year-over-year. Currently, 70% of Vietnam's rice exports are white rice, 20% are fragrant rice, and the remainder includes Japonica and glutinous rice.
“Vietnam is shifting its focus to high-quality rice production, prioritizing fragrant and premium varieties while phasing out low-grade exports. This strategic approach is helping the country carve out a unique identity in the global rice market, developing a specialized niche, and commanding premium price points,” said Do Ha Nam, Chairman and CEO of Intimex Group.
Tran Kim Lien, Chairwoman of the Vinaseed Group, highlighted the sector's progress, including significant investments in infrastructure, processing, and storage capacity. Many enterprises have invested tens of millions of dollars to modernize facilities, expand production, and improve processing and storage systems.
To confidently enter markets like the EU and Japan, Vinaseed has designated specialized production zones, aligning research efforts with market standards right from the outset. According to Tran Kim Lien, building a robust rice value chain requires identifying specialized production areas that benefit from natural advantages and adhering to strict processes to ensure the highest standards of rice quality and safety.
Vietnam's achievements in rice exports are closely tied to its robust domestic rice production. As of now, the country has harvested 6,853,800ha of rice, equivalent to 100.1% of the same period last year. The total yield from this harvest area is estimated at 42.12 million tonnes, marking over 100% increase year-over-year, with an average productivity of 6.15tons/ha, up by 0.06tons.
According to the Ministry of Agriculture and Rural Development (MARD), Vietnam's total rice production in 2024 has exceeded 43 million tonnes. This output has met diverse market demands, including seed production, processing, storage, and contributing to global food security.
Deputy Minister Phung Duc Tien stated that Vietnam's achievement of exporting nine million tonnes of rice in 2024 marks a significant milestone for the agricultural sector. This success reflects years of coordinated efforts by the agricultural sector and local authorities to restructure agriculture, particularly rice production, with a focus on enhancing value, quality, and sustainability.
A key initiative driving this transformation is the "One-Million-Hectares of High-Quality, Low-Emission Rice" project. Spearheaded by MARD and local governments in the Mekong Delta region, the initiative aims to increase the value and competitiveness of Vietnam’s rice industry while reducing emissions in alignment with green growth goals.
“Currently, 95% of Vietnam’s rice varieties are high-quality, and 89% of total production is premium rice. If the "One-Million-Hectares of High-Quality, Low -Emission Rice" project is successfully implemented by 2030, tied to green growth strategies in the Mekong Delta, the value of Vietnam’s rice sector will increase significantly. This is a true national advantage,” Deputy Minister Phung Duc Tien emphasized./.
Story: VNP Photos: VNA Translated by Nguyen Tuoi