Positive signals for Vietnam's rice exports

Vietnam exported 6.6 million tons of rice in the first nine months of 2023 with a turnover of $3.66 billion, up 40.4% year-on-year, according to estimates by the Ministry of Agriculture and Rural Development, exceeding the figure hit in the whole of 2022.

Indonesia's National Logistics Agency (Bulog) recently announced the opening of bids to import 500,000 tons of 5% broken rice from Pakistan, Thailand, Vietnam, and Myanmar.

The deadline for businesses to submit bids was October 9, with the results expected to be announced on October 10 or 11. The winning bidder will deliver the goods to Indonesia before December 25, 2023.

Indonesia has recently increased its rice purchases from Vietnam. Data from the General Department of Customs shows that Indonesia was the third largest rice buyer from Vietnam in the first eight months of the year. During that time, it spent $360 million to import 720,000 tons of rice from Vietnam, an increase of 1,500% in both volume and turnover.

Other countries that import Vietnamese rice such as the Philippines and China also increased their purchases.

In the past eight months, Vietnam exported 5.8 million tons of rice, earning $3.16 billion. The Philippines bought 2.35 million tons, an increase of nearly 3% over the same period last year. China bought 786,000 tons, an increase of 51% year-on-year.

Pham Thai Binh, chairman of the board of directors of Trung An High-Tech Agriculture JSC, shared with The Investor that rice exports are showing positive signs. With the current growth momentum, export turnover will exceed $4 billion this year.

Experts say that the potential to export rice from now until the end of the year remains high as countries try to increase their reserves.