| Ministry of Industry and Trade supports businesses to increase rice exports to the Chinese market. Vietnamese rice continues to "feverishly" increase to 663 USD/ton. |
According to the General Department of Customs, in October 2023, the country exported 635,102 tons of rice, with a turnover of 406.76 million USD, up 4.9% in volume and 7.7% in turnover compared to September 2023. By the end of October, the country exported more than 7.05 million tons of rice, with a turnover of 3.95 billion USD, up 15.9% in volume and 34% in turnover compared to the same period in 2022.
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| Rice export |
In terms of market, the Philippines continues to lead with nearly 2.63 million tons, turnover reaching nearly 1.41 billion USD, accounting for 37.3% in volume and 35.7% in rice export turnover of Vietnam in the first 10 months of 2023.
Indonesia ranked second with nearly 1.03 million tons, worth 554.63 million USD, accounting for over 14% of Vietnam's rice export volume and turnover.
Ranked third is the Chinese market with 883,967 tons, turnover of 510.63 million USD, accounting for nearly 13% of Vietnam's rice export volume and turnover.
Currently, Vietnam's rice export prices are high compared to other important exporting countries. According to the Vietnam Food Association (VFA), the current export price of 5% broken rice from Vietnam is 653 USD/ton, that of Thailand is 561 USD/ton, and that of Pakistan is 563 USD/ton; the price of 25% broken rice from Vietnam is 643 USD/ton, while that of Thailand is 525 USD/ton and that of Pakistan is 483 USD/ton.
The Institute of Policy and Strategy for Agricultural and Rural Development believes that Vietnam's rice export price in 2024 will remain high and cannot fall below 640 - 650 USD/ton. This is because the amount of rice globally is gradually becoming scarce, while the demand for rice imports from traditional markets such as the Philippines, Indonesia or China to serve consumption and storage needs remains high.
Sharing the same opinion on this issue, Mr. Nguyen Van Don - Director of Viet Hung Company Limited - said that if India maintains the rice ban until the first half of 2024, Vietnam's rice export price will continue to be high and not less than 650 USD/ton.
On the side of the Ministry of Agriculture and Rural Development, Mr. Nguyen Nhu Cuong - Director of the Department of Crop Production - said that by the end of October, the country's rice output had been harvested at about 39 million tons. The expected output for the whole year of 2023 is estimated at over 43 million tons of rice, an increase of about 452,000 tons compared to 2022. From now until the end of the year, if there are no unusual weather developments, rice output will ensure adequate supply of domestic rice demand and part of it for export.
According to Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development, with positive signals from the market, Vietnam's rice export price is higher than that of Thailand, India,...
Based on world demand and the advantage of three-month production per rice crop, the Ministry of Agriculture and Rural Development has been flexible in organizing the Summer-Autumn and Autumn-Winter crops, increasing the cultivated area in qualified areas. With 85-90% of varieties having high yield and quality, rice output in 2023 is expected to reach 43 million tons.
In addition to supplying the domestic market, processing, breeding, storage, and breeding, Vietnam can ensure the export of about 7.5-8 million tons of rice, contributing to ensuring food security for the world.
With the current export momentum, it is expected that in 2023, Vietnam will export approximately 8 million tons of rice, earning about 4.5 billion USD.
Although rice exports have increased sharply in both quantity and price, according to Mr. Phung Duc Tien, the construction of the rice value chain has not been much, while this is a very important issue for each industry. Therefore, in the coming time, the Ministry, together with associations, businesses, cooperatives, people... will focus on linking the rice industry to have a sustainable ecosystem.
According to the Department of Crop Production, in the 2023-2024 Winter-Spring crop, the country is expected to sow nearly 3 million hectares, down 10,000 hectares compared to the previous crop. However, the output is expected to increase by 113,000 tons over the same period in 2022, reaching 20.119 million tons. In the Mekong Delta alone, the sown area for the Winter-Spring crop is 1.475 million hectares, with an estimated yield of 72.24 quintals/ha and an output of about 10.7 million tons.
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