2024 is not over yet, but Vietnam's rice exports are sure to have a good year when the turnover of 10 months of 2024 alone has surpassed the record of the whole year 2023.
Recently, Deputy Minister Ministry of Agriculture and Rural Development Phung Duc Tien could not hide his joy when announcing the very encouraging figures of rice export. Deputy Minister Tien informed, rice export 10 months reached 4.86 billion USD (the whole year of 2023 is 4.68 billion USD). In 10 months, 7.8 million tons were exported and the remaining two months of 2024 can increase the turnover to over 8 million tons.
“ India has just resumed rice exports, but the fragrant rice and high-quality rice segments of Vietnam are still selling well and are stable in price ,” Deputy Minister Tien added.
In his story, Deputy Minister Phung Duc Tien said that Prime Minister Pham Minh Chinh often calls him to inquire about the situation and update export data of the agricultural sector.
It can be said that rice exports towards the end of the year not only bring good news but also strongly encourage growth hopes for the entire economy. In particular, Vietnamese rice exports still hold the stable "throne" in a number of markets. That "throne" is not simply to ensure a stable supply of rice but also to help other countries feel more confident in ensuring national food security.
Rice exports are clearly the bright spot in the country's economic picture in 2024, while the rice export market can still bring new opportunities not only in the last months of 2024 but also into 2025.
However, we still need to be extremely alert to fully solve the problem of the global rice trade market even though Vietnam's rice exports are in a much stronger position than before.
Internally, Vietnamese rice exporting enterprises still need to pay special attention to ensuring and maintaining rice quality between shipments. Because this can be said to be a vital factor in maintaining the trust of international partners and customers, including traditional and new partners and customers.
Especially at times like this, Vietnamese rice exporting enterprises need to maintain a healthy competitive style, not for the benefit of the enterprise but to affect the image of rice exports in terms of price and quality of goods. The move to devalue rice to gain market share, especially at times like this, not only causes losses to the enterprises themselves but also threatens the reputation and common interests of the entire industry.
Regarding foreign markets for exported rice, according to experts, market information work needs to be paid more attention to in order to promptly grasp developments that directly and indirectly affect rice exports, especially the needs and habits of consumers and the market. We should not be too engrossed in traditional markets that we neglect niche markets, even though the turnover may still be modest.
Ministry of Industry and Trade In its role as a state manager, the government has been and continues to be interested in implementing trade promotion activities, combining traditional and online forms to strengthen and promote cooperation in rice trade with traditional markets such as Indonesia, Africa, China, etc.; exploiting niche markets with fragrant rice and high-quality rice that have penetrated in recent years such as the EU, Korea, the United States, North America, etc.
In addition, strengthen market information work; maintain reporting regime, provide information from Trade Offices and Trade Office branches in countries and territories to monitor and closely follow developments in the world market situation, especially the situation in major markets to promptly propose handling measures; proactively take measures to respond to unusual developments, promote rice exports.
At the same time, strengthen diplomatic activities and direct and support the Vietnam Trade Office in grasping information and market developments, mobilizing competent authorities of other countries to pay attention to rice supply from Vietnam and strengthen rice trade relations with Vietnam.
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