According to statistics from the General Department of Customs, compared to the same period last year, in the first 6 months of 2024, Vietnam's rice exports reached 4.7 million tons, an increase of 10.4% and turnover reached nearly USD 3 billion, an increase of 32%. Notably, the average rice export price in 6 months increased by over 18% compared to the same period in 2023. Many markets achieved very high average rice export prices such as Brunei at USD 959/ton, the US at USD 868/ton, the Netherlands at USD 857/ton, Ukraine at USD 847/ton, Iraq at USD 836/ton, Turkey at USD 831/ton, etc.

It can be said that Vietnamese rice is at its most sublime stage in both quantity and quality. To achieve the above results, over the past many years, Vietnamese businesses have continuously invested in rice grain quality and built product brands in many high-end international markets. Therefore, the value of rice grains is constantly improved in markets such as Japan, EU, US, etc.

Most notable recently is the French market. In the first quarter alone, Vietnam's rice exports to this market increased dramatically to 18,200 tons and a value of USD 19.1 million; On average, 1 ton of rice costs over USD 1,000. In the entire EU region, in just the first 3 months of the year, Vietnam provided 46,000 tons of rice, with a turnover of USD 41.4 million, an increase of nearly 118% over the same period last year.

The Vietnam Trade Office in the EU informed that Vietnam's specialty fragrant rice varieties such as ST25, ST24, Nang Hoa, and OM are very popular in the market thanks to their delicious quality. Therefore, the price of Vietnamese rice here is higher than the average of other countries. For example, Italian rice ist about €2/kg, Cambodian rice is about €1.5/kg, Vietnamese rice is €2.5/kg and only lower than Thai specialty rice (€3/kg). The result of increasing rice export turnover into the EU market is thanks to businesses that have been taking advantage of opportunities from the Vietnam - EU Free Trade Agreement (EVFTA). Compared to other rice exporting countries such as India and Thailand, Vietnam is the country that can compete the most in these markets and is also the best sector to take advantage of the trade advantages brought by EVFTA right in the first year.

Outside Europe, in the first 3 months of 2024, Vietnam exported up to 135,300 tons of rice to the American market, with a turnover of USD 94.5 million, an increase of 299% over the same period.

According to the Vietnam Food Association, Vietnam can exceed the rice export target in 2024 and Vietnam is fully capable of meeting the world's rice import needs.

Kylie Nguyen