Vietnam earns 1.43 billion USD from rice exports in Q1

In March 2024, Vietnam's rice exports increased by 99.7 per cent in volume and 90% in turnover compared to February 2024. (Photo: VNA)

Vietnam in the first quarter of 2024 exported 2.18 million tonnes of rice, earning 1.43 billion USD, an increase of 17.6% in volume and 45.5% in value year on year. Meanwhile, the average export rice price also increased by 23.6% to 653.9 USD per tonne.

According to preliminary statistics from the General Department of Customs, in March 2024, Vietnam’s rice exports increased by 99.7% in volume and 90% in turnover compared to February 2024, reaching over 1.12 million tonnes valued at 709.6 million USD.

The Philippines was the largest export market of Vietnamese rice in the first three months of 2024, reaching over 1.01 million tonnes, worth about 649 million USD. The exports accounted for 46.4% of Vietnam’s total volume and 45.5% of the total value.

The export price to this market reached 641.7 USD per tonne, up 27.3% compared to the first three months of 2023.

Rice exports to Indonesia ranked the second, increasing sharply by 199.7% in volume and 308.8% in revenue to 445,326 tonnes and 285.06 million USD. The average export price surged by 36.4% to 640 USD per tonne.

The third largest market was Malaysia with a growth of 28.8% in volume and 60.6% in turnover to reach 98,917 tonnes and 61.55 million USD, respectively.
In 2024, Vietnam aims to maintain rice cultivation area of 7.1 million hectares and rice output of over 43 million tonnes, ensuring domestic consumption and export of over eight million tonnes of rice.

The rice exports last year witnessed a breakthrough, with volume reaching 8.1 million tonnes worth 4.7 billion USD, up 14.4% in volume and 35.3% in value compared to the previous year. This is a record high export for Vietnam’s rice industry.

According to the Ministry of Industry and Trade, as of January 22, 2024, Vietnam had 161 eligible traders to export rice.

Ho Chi Minh City is the locality with the most rice exporters, with 36 traders. Followings are Can Tho (34 traders), Long An (22), Dong Thap (15) and An Giang (14).

Some other localities have only one trader qualified to export rice, including Ha Nam, Hau Giang, Khanh Hoa, Lang Son and Thanh Hoa.

State reserves department authorises purchases of 220,000 tonnes of rice for 2024

The Government has greenlit a plan to purchase a total of 220,000 tonnes of rice for the year 2024, according to the General Department of State Reserves.

The plan included 22 reserve departments in cities and provinces across the country, who are put in charge of 196 bidding packages to purchase domestically produced, long grain 15% broken rice, milled from the 2024 Spring harvest.

Contractors are to compete in open as well as online bidding sessions this month with a deadline set on May 2.

For bidding packages valued at over 10 billion VND, contractors must produce a security deposit of 3% of the package and 1.5% for those valued under the amount. The winners will be announced and published by the national bidding system.

In cases of price fluctuations, local reserve departments are tasked with reporting to the general departments for guidance and instructions to ensure purchase prices will not exceed those regulated by the Ministry of Finance./.