Vietnam rice exports forecast to set record turnover of $5 bln in 2024

Rice exports could post a record turnover of $5 billion this year if the current pace of shipments is maintained, according to Vu Tuan Anh, CEO of GLE, a rice export company.

There is ample room for Vietnamese rice exports as demand in major rice importers such as the Philippines, Indonesia, China and Africa is huge.

According to the Ministry of Agriculture and Rural Development (MARD), Indonesia imported 2.2 million tons of rice in the first five months of 2024 and plans to import an additional 2.1 million tons from June-December.

Anh shared that Indonesia could import up to 4.3 million tons of rice in 2024 if the country’s crop output falls behind expectations due to drought, flooding, or pests. This would provide an opportunity for Vietnamese rice exporters, thanks to the quality of their rice being among the highest in the world.

The Philippines is another potential market, as it imported more than 1.7 million tons of rice from Vietnam in the first six months of this year, and demand is projected to remain stable in the remaining months of the year, he added.

Data from Vietnam Customs showed that since the beginning of the year to mid-July, Vietnam shipped more than 4.8 million tons of rice, bringing home nearly $3.1 billion. The average rice export price increased 12% compared to the same period last year, reaching $612.3 per ton.

Nguyen Ngoc Nam, chairman of the Vietnam Food Association, affirmed that global demand for rice remains enormous, with traditional markets such as China, the Philippines, and Indonesia being major importers of Vietnamese rice. The association has actively introduced Vietnamese rice to new markets like Africa and the Middle East.

MARD said that Vietnam’s unhusked rice output is expected to reach more than 43 million tons in 2024, which is enough to ensure domestic consumption and export demand of more than 8 million tons.