Vietnam keeps a close eye on rice production and global markets

girlsoccerbabe November 6, 2023 in Business, Environment - 2 Minutes

Vietnam’s Ministry of Industry and Trade (MoIT) is keeping a close eye on rice production and the global rice market to address emerging issues in a timely manner to boost rice production, commerce and exports.

According to statistics, by the end of October, Vietnam exported 7.1 million tons of rice valued at about US$3.97 billion, up 17% in volume and 34.9% in value compared to 2022. The price of rice exported from Vietnam increased by 15.3% year-on-year.

In the first nine months of 2023, Asia was Vietnam’s largest market, consuming 76% of Vietnam’s total rice exports. It was followed by Australia (2.41%), Europe (1.6%) and the US (1.5%).

Notably, the Philippines remains the largest importer of Vietnamese rice, importing nearly 2.5 million tons, accounting for 38.1% of Vietnam’s total rice exports.

Vietnam keeps a close eye on rice production and global markets

According to the Ministry of Industry and Trade (MoIT), Vietnam has been adhering to the rice export structure and quality strategy outlined in the Rice Export Market Development Strategy to 2030, with white rice accounting for the largest share (55.5% or 3.56 million tons), followed by aromatic rice (24% or 1.5 million tons) and glutinous rice (8.5% or 545,000 tons).

In the face of the complex situation of global food trade, including India’s ban on the export of non-basmati rice, Russia’s withdrawal from the Black Sea Food Initiative, climate change, El Niño, etc., the Ministry of Industry and Trade (MoIT) and the Ministry of Agriculture (MoA), in coordination with the Ministry of Agriculture and Rural Development (MoARD), the People’s Committee of Rice Producing Areas (PCORPA), the Viet Nam Food Association (VFA) and rice traders, will work to ensure the domestic rice market. Coordinating with the Ministry of Agriculture and Rural Development (MoARD), the People’s Committee of Rice Producing Areas (PCORPA), the Vietnam Food Association (VFA) and rice traders, the MoA will implement measures to regulate rice production and export activities in 2023 while ensuring the stability of domestic rice market.

Meanwhile, the Ministry of Industry and Trade regularly inspects traders’ rice business and export activities. The Ministry has revoked the rice export certificates of 28 traders who have not exported rice for 18 consecutive months after obtaining rice export certificates, which contributes to a more open, transparent and fair business environment in accordance with the law.