Rice sector works on 5 billion USD export target

Vietnam's rice exports are expected to continue their upward trajectory this year, toward a milestone of 5 billion USD in turnover.

Rice sector works on 5 billion USD export target hinh anh 1

The output of rice is projected to exceed 43 million tonnes in 2024, with about 8 million tonnes for export. (Photo: VNA)

Vietnam's rice exports are expected to continue their upward trajectory this year, toward a milestone of 5 billion USD in turnover.

The year marks a period of anticipated volatility in the global rice market, encompassing fluctuations in production and demand, as well as related policies from leading exporting nations. Hence, innovation in production and flexible export management are crucial conditions for the Vietnamese rice industry to achieve its growth targets.

According to the Ministry of Agriculture and Rural Development, despite a trend of narrowing the rice cultivation area nationwide, the farming sector aims to maintain a stable plantation of 7.1 million hectares in 2024. The output of the grain is projected to exceed 43 million tonnes, with about 8 million tonnes for export.

Rice sector works on 5 billion USD export target hinh anh 2

Harvesting rice in Thanh Phu commune, Vinh Thanh distict, Can Tho province (Photo: VNA).

This year’s forecast also suggests that the prices of agricultural input materials will remain high, with potential risks of crop disease outbreaks as well as El Niño-induced severe droughts and water shortages. Therefore, the agricultural sector is set to instruct localities to adjust production plans and structure suitable crop seasons to stabilise the rice supply, especially high-quality sources serving export. Engaging in innovative production activities, many enterprises are focusing on developing varieties and providing scientifically sustainable farming solutions for farmers.

On the early days of February, Vietnam's 5% broken rice was sold overseas for 638 USD per tonne, surpassing Thai rice of the same grade by 10 USD per tonne. According to the Vietnam Food Association, the export prices are likely to be pushed up in the coming time, as many countries begin to increase imports and India continues to maintain its ban on exporting certain types of rice.

Meanwhile, information from the National Agro-Forestry-Fisheries Quality Assurance Department reveals that the global rice production could near 520 million tonnes this year, while consumption is approaching 525 million tonnes, indicating a potential shortage. Therefore, rice processing and exporting enterprises need to closely monitor the market to efficiently execute existing and new contracts, considering both price and quality.

Nguyen Viet Anh, General Director of the ORIENT Rice Co. Ltd, said he believes that given the market fluctuations, the adaptability index of enterprises is extremely important because each year brings new scenarios and there are no lessons learned from the previous year that can be effectively applied to the next. Rice remains an essential commodity globally as well as in Vietnam, so in the near future, there are significant opportunities for production and business in this field. It is essential for exporting enterprises to enhance their adaptability and flexibility to capitalise on the chances./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

Access to the Chinese market is increasingly convenient

Access to the Chinese market is increasingly convenient

VCN - As Vice Chairman of the High Quality Vietnamese Goods Business Association, Mr. Nguyen Lam Vien (photo) is also Chairman of the Board of Directors of Vinamit Joint Stock Company - a very successful enterprise in the Chinese market, shared with Customs News many interesting information and advice for businesses to achieve success in this potential billion-people market.
China, US, Japan – largest importers of Vietnam’s fishery products in Q1

China, US, Japan – largest importers of Vietnam’s fishery products in Q1

China, the US and Japan were the three largest importers of Vietnam’s fishery products in the first quarter of this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s agricultural products appeal to foreign customers

Vietnam’s agricultural products appeal to foreign customers

Vietnam's agricultural products were sold well in foreign markets in Q1, with a surge in both volume and prices documented.
Leverage to increase the scale of Vietnam - Laos trade turnover

Leverage to increase the scale of Vietnam - Laos trade turnover

VCN - From 2012 until now, trade turnover between the two countries has grown by 10-15%/year, but it has only reached US$1.65 billion which is not commensurate with the potential and special relationship between the two countries.

More News

Science and technology enterprises still have limited to access to preferences

Science and technology enterprises still have limited to access to preferences

VCN - Enterprises in the field of science and technology (ST) have made many positive contributions to economic development. However, preferential access to these enterprises is still difficult.
Made-in-Vietnam wind turbine towers bound for RoK

Made-in-Vietnam wind turbine towers bound for RoK

Ten domestically-manufactured offshore wind turbine towers are set to depart from Phu My Industrial Zone in the southern province of Ba Ria-Vung Tau by the end of April 2024, bound for Jeonnam 1 wind power project off the coast of the Republic of Korea (RoK)'s Jeonnam province.
Cashew nut exports is estimated at US$ 782 million in the first quarter

Cashew nut exports is estimated at US$ 782 million in the first quarter

VCN – Vietnam’s cashew nut exports in March reached 55 thousand tons, surging in volume and value compared to the previous month.
Maintain the reputation of Vietnamese coffee amidst soaring prices

Maintain the reputation of Vietnamese coffee amidst soaring prices

VCN - Nguyen Nam Hai (photo), Chairman of the Vietnam Coffee-Cocoa Association (Vicofa), shared about the landscape of the Vietnamese coffee industry in the context of continuously increasing prices.
Find opportunities in niche markets to increase exports

Find opportunities in niche markets to increase exports

VCN - New markets and niche markets are the way for exports to reduce dependence on traditional markets. Exploiting opportunities in these markets will open up many new opportunities.
Vietnam transforming into new global manufacturing hub: experts

Vietnam transforming into new global manufacturing hub: experts

Vietnam is transforming into a new global manufacturing hub, offering a diverse range of products that are competitively priced and continuously improving in quality, assessed foreign distributors and importers, who will participate in the Vietnam International Sourcing expo this June.
Sustaining growth solutions for coffee exports

Sustaining growth solutions for coffee exports

VCN - The continuous increase in coffee prices has provided a strong boost for coffee exports, aiming for a record of US$5 billion. However, it still requires many comprehensive solutions to enhance quality and value to ensure sustainable development for the coffee industry in the future.
Vietnam National Brand Week to be held in mid-April

Vietnam National Brand Week to be held in mid-April

The Vietnam National Brand Week 2024 will be held nationwide from April 15-21 to raise public awareness of Vietnam national brand and promote products recognised as national brands to domestic and international communities.
Textile industry in sustainability push to meet stringent requirements

Textile industry in sustainability push to meet stringent requirements

Textile and garment businesses are making a green push with development of eco-friendly products adapted to global fashion trends and by meeting the stringent requirements under free trade agreements the country has signed, according to industry insiders.
Read More

Your care

Latest Most read
Access to the Chinese market is increasingly convenient

Access to the Chinese market is increasingly convenient

Mr. Nguyen Lam Vien shared with Customs News many interesting information and advice for businesses to achieve success in this potential billion-people market.
China, US, Japan – largest importers of Vietnam’s fishery products in Q1

China, US, Japan – largest importers of Vietnam’s fishery products in Q1

China, the US and Japan were the three largest importers of Vietnam’s fishery products in the first quarter of this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s agricultural products appeal to foreign customers

Vietnam’s agricultural products appeal to foreign customers

Vietnam's agricultural products were sold well in foreign markets in Q1, with a surge in both volume and prices documented.
Leverage to increase the scale of Vietnam - Laos trade turnover

Leverage to increase the scale of Vietnam - Laos trade turnover

From 2012 until now, trade turnover between the two countries has grown by 10-15%/year, but it has only reached US$1.65 billion
Science and technology enterprises still have limited to access to preferences

Science and technology enterprises still have limited to access to preferences

VCN - Enterprises in the field of science and technology (ST) have made many positive contributions to economic development. However, preferential access to these enterprises is still difficult.
Mobile Version