rice grain

Vietnam Achieves Record Rice Exports in the First 8 Months of 2023

Vietnam’s rice exports have surged to unprecedented levels in the first eight months of 2023, according to data released by Vietnam’s General Customs Office. The country’s rice export volume during this period reached an impressive 6 million tonnes, marking a substantial 20% year-on-year increase.

The substantial rise in rice exports has also had a significant impact on Vietnam’s export revenue. From January to August, the total revenue generated from rice exports reached nearly $3.2 billion, representing an impressive 34% increase. This surge in earnings has allowed Vietnam to reach 89% of its full-year target for rice exports.

While a CEO of a rice company noted that the supply of rice in the Vietnamese market is expected to remain relatively stable in the fourth quarter, there has been a noteworthy increase in demand from numerous countries.

It’s worth noting that the Ministry of Agriculture and Rural Development of Vietnam has set an ambitious target to export 7.5-7.8 million tonnes of rice by the end of this year, and the country’s favorable conditions have positioned it well to achieve this goal.

The Vietnam Food Association has reported that Vietnam’s rice export prices currently rank among the highest in the world. For instance, the price of 5% broken rice stands at USD 638 per ton, while 25% broken rice is priced at USD 623 per ton. These strong export figures and robust prices underscore Vietnam’s pivotal role in the global rice market.

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