November 26, 2024 | 21:20 GMT +7

  • Click to copy
Monday- 10:30, 15/04/2024

Vietnam earns nearly USD 1.4 billion from rice exports in the first quarter of 2024

(VAN) By the end of the first quarter of 2024, Vietnam's rice exports reached more than 2.1 million tons, worth nearly USD 1.4 billion, an increase of about 42% over the same period last year.
By the end of the first quarter of 2024, Vietnam's rice exports reached more than 2.1 million tons, worth nearly USD 1.4 billion. Photo: MH.

By the end of the first quarter of 2024, Vietnam's rice exports reached more than 2.1 million tons, worth nearly USD 1.4 billion. Photo: MH.

Vietnam's rice exports are among the top agricultural products with high growth rates and reached over USD 1 billion in the first 3 months of the year. Vietnam's main rice export markets are the Philippines, Indonesia, China, Ghana, Malaysia, Singapore... Of which, the Philippines accounts for more than 38% of Vietnam's total rice exports.

According to the Ministry of Agriculture and Rural Development, countries increased purchases but were also concerned about dependence on Vietnam, so they planned to diversify supplies. In particular, the Philippines and Indonesia are trying to increase productivity and domestic rice production area this year. In addition to offering high-quality fertilizer and seed support programs, these countries provide additional finance for domestic farmers to speed up cultivation.

The Indonesian government has just decided to increase this year's budget allocation for the fertilizer subsidy program by USD 1.77 billion to about USD 3.41 billion to increase agricultural productivity in the country.

According to many forecasts, rice prices will increase in 2024 due to tight supply. The rice market is expected to continue to tighten at the beginning of the year due to India's ongoing export restrictions. Meanwhile, demand still increases during the Tet holiday. These factors will create momentum for rice prices to increase further.

The onset of El Nino and the potential impact of this weather phenomenon on major rice-growing areas has added to supply concerns.

World rice import/export in 2024 is estimated at 52.1 million tons (milled rice), down 710,000 tons compared to last month's forecast and down 270,000 tons to 2023.

Facing forecasts that rice prices will remain high in 2024, Director of the Department of Crop Production Nguyen Nhu Cuong said that although the rice area tends to decrease, the production plan for 2024, the crop industry still aims to maintain stability. The rice cultivation area reached 7.1 million hectares. Rice output was over 43 million tons; ensure export of 8 million tons of rice or more.

In the African market (Vietnam's traditional rice import area), rice production is also being supported through projects from other countries to be self-sufficient in food. Therefore, the Ministry of Agriculture and Rural Development believes businesses must diversify markets and improve product quality to compete globally.

Author: Trung Quan

Translated by Huong Giang

Planting Jalapeno chillies for export purpose

Planting Jalapeno chillies for export purpose

(VAN) Residents of Bo Hac village in Co Noi commune, Mai Son district, Son La province, are experimenting with a new jalapeno chilli variety during the winter season for export purpose.

India expects food inflation to slow in coming months, government report says

India expects food inflation to slow in coming months, government report says

(VAN) India expects food inflation to slow in the coming months, backed by a bumper summer crop harvest, and remains 'cautiously optimistic' on its economic growth, according to a government report.

Seafood is Ireland’s second largest food export to Vietnam, after dairy

Seafood is Ireland’s second largest food export to Vietnam, after dairy

(VAN) Vietnam Agriculture Newspaper (VAN) had a discussion with Ms. Pippa Hackett, Minister of State at Ireland's Department of Agriculture, Food and the Marine about the country's seafood sector.

Russian farmers ditch wheat for other crops after heavy losses

Russian farmers ditch wheat for other crops after heavy losses

(VAN) Russian farmers say they will sow less wheat after heavy losses this year, switching to more profitable crops such as peas, lentils, or sunflowers.

Egg prices are going even higher. This time it’s avian flu and the holidays

Egg prices are going even higher. This time it’s avian flu and the holidays

(VAN) Egg prices have risen steadily over the past two years. A spike in avian flu and the approaching holiday season are combining to make the problem even worse.

Global Avocado Summit 2024 focuses on export markets

Global Avocado Summit 2024 focuses on export markets

(VAN) The Global Avocado Summit 2024, organized jointly by the Chilean Avocado Committee and Yentzen Group, drew a full crowd.

With globalization dying, what comes next?

With globalization dying, what comes next?

(VAN) Climate variability is adding another layer of complexity to the global grain market, with major growing regions affected by extreme weather patterns.

Read more