Taking advantage of market opportunities, promoting rice exports

Preparing rice shipments for export in Tien Giang.

According to the Ministry of Industry and Trade, in 2024, the global rice trade market will face challenges due to a decrease in global rice supply, which is expected to impact the rice export business activities of Vietnamese traders in the last months of 2024.

However, Vietnam's rice exports still achieved some positive results. According to statistics from the General Department of Customs, in the first quarter of 2024, Vietnam exported nearly 2.2 million tons of rice worth 1.4 billion USD, up 17.8% in volume and 45.6% in value compared to 2023; in which, rice exports to major markets such as the Philippines, Indonesia, Malaysia, etc. all grew strongly. In the first quarter of this year, the average export price reached 654 USD/ton, up 23.6% over the same period in 2023. Notably, in the first quarter of 2024, for the first time, Vietnam was the largest rice exporter to the Singapore market, accounting for 32.03% of the market share, with a higher turnover than India (6.96%) and Thailand (8.28%). Vietnam's rice exports to the Singapore market in the first quarter of 2024 reached a turnover of about 36.15 million SGD, an increase of 80.46% over the same period in 2023. Similarly, in the domestic market, despite downward adjustments in the first months of the year, rice prices are still 20-30% higher than the same period last year.

In order to take advantage of market opportunities, promote long-term rice production and export in accordance with the direction of the Prime Minister, contributing to the implementation of the goals set out in the Strategy for developing Vietnam's rice export market to 2030 approved by the Prime Minister in Decision No. 583 dated May 26, 2023, Minister of Industry and Trade Nguyen Hong Dien said that ministries, branches, localities, associations and traders need to actively coordinate with the Ministry of Industry and Trade to ensure the consumption of rice and commodity rice at prices that are beneficial to farmers. At the same time, maintain the minimum circulating reserve level according to regulations; balance exports and domestic consumption, contribute to stabilizing domestic rice and paddy prices and facilitating trade, ensuring effective exports and improving the competitiveness and value of Vietnamese rice products in the world food market.

Accompanying the Vietnamese rice industry as well as supporting rice exporting enterprises, the Ministry of Industry and Trade said it will comprehensively deploy many solutions to take advantage of market opportunities, promote rice production and export in the long term in accordance with the direction of the Prime Minister. Along with that, the Ministry will organize a conference to evaluate rice export results in 2023, the first quarter of 2024 and deploy rice export management in the coming time today (April 26) in Can Tho City.

Great Unity Newspaper

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