Vietnam to earn over 4 billion USD from rice exports this year: MARD

Illustrative photo (Photo: nongnghiep.vn)

The Ministry of Agriculture and Rural Development (MARD) has forecast that in 2023, Vietnam's rice exports will reach about 7.2 million tonnes, bringing home more than 4 billion USD.

MARD Deputy Minister Tran Thanh Nam said that the world’s economic difficulties and political instability cause significant difficulties for the export of goods in general and agricultural products in particular.

However, Vietnam’s rice exports still achieved good results and became a bright spot in the country’s agricultural total in the first half of this year.

He said that the current situation of rice exports in the world and market development in the first six months of the year, especially as India recently banned exports of ordinary rice brings an opportunity for Vietnamese rice to make a breakthrough at the end of the year.

According to the Vietnam Food Association, in July, Vietnam’s rice exports continued to post significant growth.

In the first seven months of this year, the country exported more than 4.48 million tonnes of rice, getting a turnover of nearly 2.4 billion USD, up more than 17% in volume and 28% in value over the same period in 2022.

Rice export turnover increased sharply because of a sharp increase in Vietnamese rice prices from nearly 490 USD per tonne last year to more than 530 USD per tonne now.

According to the association, this year, rice exports have the most favourable conditions when domestic production grows positively as most of the rice-producing regions have converted to high-quality and high-value varieties. Moreover, in the world market, the demand for rice has increased sharply.

According to the General Statistics Office, in 2022, Vietnam's rice exports reached 7.1 million tonnes with a value of 3.46 billion USD, an increase of 13.8% in volume and 5.1% in turnover compared to the previous year./.