Vietnam’s rice exports soar to record high in 2023
Vietnam has achieved a significant milestone in its rice export industry, with the country witnessing a record-breaking surge in shipments during 2023. According to the Vietnam News Agency (VNA), rice exports generated a staggering revenue of US$4.78 billion, marking an all-time high for the Southeast Asian nation. The total rice export volume reached 8.3 million tonnes, showcasing a remarkable achievement for Vietnam’s Agriculture and Rural Development Ministry.
This remarkable record was achieved amidst various challenges faced by the rice export sector in the previous year. Factors such as geopolitical conflicts and the El Nino phenomenon disrupted food and input material supply, posing obstacles to the industry. Nevertheless, Vietnam managed to overcome these hurdles and achieve unprecedented success.
An integral driver behind this accomplishment is the increase in rice output, which rose by 1.9 percent to reach an impressive 43.5 million tonnes. This rise in production allowed Vietnam to meet both domestic and international demand. As a result of heightened demand, rice export prices shot up to an average of US$663 per tonne. The surge in global market demand serves as an affirmation of the quality of Vietnamese rice, further solidifying the country’s position in the industry.
In a recent development, Vietnam’s ST25 variety of rice once again secured the esteemed title of World’s Best Rice. This recognition serves as a testament to Vietnamese rice’s exceptional quality and positions it favorably in the global market.
Rice exporters predict that the demand for Vietnamese rice will continue to soar in 2024, particularly from key importers such as the Philippines and China. With global supply still low, Vietnam is poised to fulfill this growing demand and maintain its strong presence in the international rice trade.
The success of Vietnam’s rice exports not only benefits the economy but also highlights the nation’s ability to overcome challenges and establish itself as a leading player in the global market. As Vietnam’s export industry continues to thrive, it sets a shining example for other countries in the region.
This achievement is not only significant for Vietnam but also holds broader implications for the global rice market. The country’s ability to supply quality rice at a time when global supply is limited positions it as a key player in meeting international demand.
Overall, Vietnam’s record-breaking rice exports in 2023 underline the nation’s resilience and prowess in the face of adversities. With a marked increase in production and growing global recognition for its rice varieties, Vietnam is positioned for continued success in the coming years while contributing to global food security.
