Vietnamese rice continues to receive good news

Global rice prices are unlikely to "cool down" before 2025 and an opportunity for Vietnam Establishing the Vietnam Rice Industry Association

According to Customs statistics, in the first half of November 2023, the country exported 332,214 tons of rice, worth 219 million USD. Accumulated from the beginning of the year to November 15, the country exported 7.37 million tons of rice, bringing in 4.15 billion USD.

According to estimates from the Ministry of Agriculture and Rural Development , in the 11 months of 2023, Vietnam exported about 7.65 million tons of rice, earning 4.41 billion USD, an increase of 36.3% over the same period in 2022. This is the highest record number ever.

Rice exports continue to receive good news

In addition to the export record, on November 30, Vietnamese rice continued to receive good news when it was honored as "World's Best Rice". Specifically, at the press conference of the Vietnam - Hau Giang International Rice Festival 2023 on December 1, Mr. Tran Nhu Cuong, Director of the Department of Crop Production (Ministry of Agriculture and Rural Development) - said that within the framework of the Global Rice Trade Conference organized by The Rice Trader in the Philippines, Vietnamese rice surpassed its competitors and was honored as the first prize "World's Best Rice".

This title is a testament to the proactive research, selection and creation of high-quality varieties, and methodical commercialization of Vietnamese enterprises.

Accordingly, Vietnam had 3 enterprises attending the conference and sending 6 rice samples to participate in the award. Specifically, Ho Quang - Ho Quang Tri Enterprise sent 2 rice samples ST24, ST25; Loc Troi Group sent 2 rice samples LT28 and Nang Hoa 9, ThaiBinh Seed Group sent 2 rice samples TBR39-1 and A Sao sticky rice.

“Being honored as the best rice in the world once again affirms the quality and reputation of Vietnamese rice in the international market,” Mr. Cuong affirmed.

Along with the event of being honored as the world's best rice, according to data from the Vietnam Food Association (VFA), the export price of 5% broken rice from Vietnam also increased by 5 USD to 663 USD/ton in the trading session on November 30. Notably, although the price of Thai rice of the same grade has increased sharply recently, Vietnamese rice still maintains its top position in the world when it is 20 USD/ton ahead of its competitor (the latest data from Thai rice exporters shows that the price of 5% broken rice from this country is at 640 USD/ton).

According to Vietnamese rice businesses and experts, the news that Vietnamese rice has been honored as the best rice in the world will certainly have a positive impact on the image of Vietnamese rice as well as Vietnam's rice exports in the coming time. Because the context of the tense rice supply situation globally has not shown any signs of improvement as India is expected to maintain rice export restrictions next year. Meanwhile, the demand for imports to ensure food security from countries such as the Philippines, Indonesia and many other countries is very high. Therefore, it is forecasted that in 2024 there will still be a lot of room for Vietnam's rice exports.

According to the forecast of the Ministry of Industry and Trade, in 2023 Vietnam will export about 8 million tons of rice, with a turnover of about 4.5 billion USD, the highest level ever.

The Ministry of Industry and Trade also stated that Vietnam has many opportunities in the face of fluctuations in the world rice market. This is also the time when Vietnam will welcome international customers who buy large and stable shipments for a long time.

However, businesses need to understand the fluctuations in import markets to have a direction for purchasing orders. In addition, choose the right time to sign rice export contracts.

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