Vietnam’s rice exports may exceed 2024 target

Chairman of the Vietnam Food Association Nguyen Ngoc Nam speaks at the event (Photo: VNA)

With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.

He said that the Ministry of Agriculture and Rural Development (MARD) projectes the country’s rice export volume at more than 4.3 million tonnes in the first half of 2024. However, in April alone, the figure is likely to top 3 million tonnes in the first four months of this year, and the result in the first six months of this year can surpass the MARD’s projection, he held.

Le Thanh Hoa, Vice Director of the MARD’s Department of Quality, Processing, and Market Development, said due to El Nino phenomenon and climate change impact, the global rice output in the 2023-2024 crop is forecast to drop to nearly 518 tonnes, while the consumption demand is 525 million tonnes, which means the world will face a shortage of about 7 million tonnes of the grain this year.

This is a good opportunity for rice exporters, including Vietnam, he said, adding that the country can supply 8.13 million tonnes to the world this year while ensuring domestic food security at the same time.

The total volume of rice for export in the Mekong Delta, the country's biggest production hub of the grain, in 2024 is estimated to reach about 7.6 million tonnes, the official noted.

However, Hoa held that Vietnam still faces many challenges in rice export this year, including the dependence on certain traditional markets and a lack of adequate efforts in market development.

Deputy Minister of Industry and Trade Phan Thi Hang asked relevant agencies and localities as well as the Vietnam Food Association to join hands with rice export businesses in ensuring national food security in all circumstances, stabilising the domestic market and promoting exports at the same time.

She stressed the need to foster coordination between businesses and rice farmers to ensure stable supply and quality of rice, affirming the trademark of Vietnamese rice in the world market.

The official also underlined the need for the active negotiation and signing of agreements on plant quarantine and technical regulations on paddy and rice quality to create favourable conditions for Vietnamese rice exporting enterprises.

As of the end of the first quarter of 2024, Vietnam shipped abroad 2.18 million tonnes of rice for 1.43 billion USD, up 17.6% in volume and 45.5% in value thanks to 23.6% rise in price over the same period last year./.