Vietnam, the world’s third-largest rice exporter after India and Thailand, will cut its annual rice exports by 44% to four million tons by 2030 while boosting quality to increase value.
The changes are part of the country’s rice development strategy until the end of the decade, signed by Deputy Prime Minister Le Minh Khai on Friday.
Vietnam shipped overseas 7.1 million tons last year, a 10-year record high, to create $3.45 billion in revenue, up 5.1% against 2021.
According to the newly-issued strategy, the country’s rice export revenue will fall to $2.62 billion a year by 2030. The strategy aims at “boosting the exports of high-quality rice, ensuring domestic food security, protecting the environment, and adapting to climate change,” it outlined.
Vietnam will consolidate traditional and key export markets and develop new and potential ones, and those with which it has signed free trade agreements. The country also targets increasing the market share of Vietnamese rice in markets, especially in developed countries.
The country will also associate the export markets with domestic cultivation based on value chains, ensure the quality and safety of exported rice, increasing the presence of Vietnamese rice and products processed from rice in direct distribution channels in markets.
It also eyes the export of high-quality rice and rice-based products, increase their values, ensure sustainable exports, and affirm the prestige and brand of Vietnamese rice.
Between 2023 and 2025, the proportion of low- and medium-grade white rice will not exceed 15%; high-grade white rice will account for about 20%; fragrant rice, japonica rice and specialty rice 40%; sticky rice 20%; rice products with high added value such as nutritious rice, parboiled rice, organic rice, rice flour, rice-processed products, rice bran and some other rice by-products 5%; and rice with brands 20%.
By 2025, 60% of Vietnamese rice exports will be shipped to Asian markets, 22% to Africa, 7% to the U.S., 4% to the Middle East and Oceania each, and 3% to Europe, according to the strategy.
The respective figures for 2030 are 55% (Asian markets), 23% (Africa), 5% (the U.S.), 5% (the Middle East), 8% for Europe, and 4% for Oceania.
The Philippines in Southeast Asia has long been Vietnam’s biggest rice buyer, accounting for 45% of its shipments in 2022.