Meeting with his counterpart Srettha Thavisin on the occasion of the ASEAN-Japan Summit on December 17 in Tokyo, Japan, Prime Minister Pham Minh Chinh agreed that Vietnam and Thailand will soon bring bilateral trade turnover to the target of 25 billion USD.
The two countries also introduced policies to further facilitate the commodity market and increase cooperation in areas of strength such as rice export.
Thailand is currently Vietnam’s largest trading partner in ASEAN, with import-export turnover last year reaching $21.5 billion. The country is also the ninth largest foreign investor in Vietnam.
Rice is also a commodity that Prime Minister Pham Minh Chinh and Philippine President Ferdinand Romualdez Marcos agreed to increase cooperation on in the coming time, when meeting on the sidelines of the 50th ASEAN-Japan Summit. This is to ensure regional and global food security.
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| Rice exports to hit record high in 2023 |
According to the General Department of Customs, Vietnam's rice export volume in the first 11 months of 2023 reached 7.8 million tons, with a turnover value of 4.4 billion USD. This is a record number, the highest in the past 34 years and is expected to continue to increase in the coming time.
The number 1 market for Vietnamese rice is the Philippines, which currently accounts for about 35% of the rice export market share. In the first 11 months of 2023, the amount of rice exported to this country reached 2.63 million tons, equivalent to 1.41 billion USD. Next are Indonesia, China and African countries.
Vietnam's rice export prices have been relatively complicated since 2021. Specifically, in early 2021, rice prices reached 550 USD/ton, but by mid-2022, this figure dropped to nearly 460 USD/ton, then increased dramatically in 2023. The highest export rice price was recorded in October 2023, reaching 640 USD/ton.
Notably, the proportion of high-quality rice varieties in Vietnam increased from 50% in 2015 to 74% in 2020 and currently reaches 85%. The volume of exported rice is maintained at 6 million tons and tends to grow over the years, with an export value of over 3 billion USD per year.
In early 2023, Vietnam's target was to export about 7 million tons of rice (equivalent to 7.1 million tons in 2022), but by the end of November it had reached 7.8 million tons. Many forecasts say that the whole year's rice export results will reach a historic milestone of 8 million tons, worth at least 4.6 billion USD.
Mr. Do Ha Nam - Vice President of the Vietnam Food Association (VFA) said that this year, rice prices were so good that farmers took advantage of planting early in the 2023-2024 Winter-Spring rice crop and although the inventory was thin, it still remained.
On the other hand, there are many suppliers and businesses that buy at high prices but cannot export, so there is still inventory. Rice from Cambodia is still purchased by traders, so inventory is still there, although not high.
Mr. Do Ha Nam emphasized: "2023 can be said to be a very successful year for the rice industry and the year in which the Vietnamese rice industry set two new records: Vietnam's rice export price was the highest ever in the history of the industry. Second, the rice export output peaked at 8 million tons. This is the first year Vietnam exported 8 million tons."
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