In the first half of 2024, Vietnam's rice exports recorded impressive achievements, with output and value both reaching record levels. This growth not only reflects the continuous efforts of Vietnamese businesses in improving product quality and expanding markets but also opens up great expectations for rice exports in the second half of 2024.

According to data from the Ministry of Agriculture and Rural Development, the amount of rice exported in the first 6 months of 2024 has reached 4.7 million tons, up 10.4% over the same period last year, with a turnover of nearly 3 billion USD, up 32%. This is a result of increased demand from international markets, especially Asian and African countries. The average rice export price increased by over 18%, with many markets reaching very high prices such as: Brunei (959 USD/ton), the US (868 USD/ton) and the Netherlands (857 USD/ton).

Mr. Nguyen Van Nam, Chairman of the Vietnam Food Association, shared: "Vietnam's rice exports in recent years have made great progress. We have made continuous efforts to improve product quality, diversify types of exported rice and expand new consumption markets. As a result, Vietnam has affirmed its position as the number 1 rice exporter in the world."

In addition, the signing of free trade agreements with many countries and regions has created favorable conditions for Vietnamese rice to penetrate deeper into potential markets. Vietnamese businesses have enhanced product quality, ensured food safety and hygiene and met the strict standards of importing countries.

The price of Vietnamese rice has reached 1,000 USD/ton, a very high price compared to many years ago. Notably, rice exports to the EU market increased sharply, especially in France with an average price of over 1,000 USD/ton. Specialty fragrant rice varieties such as ST25, ST24, Nang Hoa, and OM are very popular in the market thanks to their delicious quality. The increase in rice export turnover into the EU market is thanks to businesses taking advantage of opportunities from the Vietnam - EU Free Trade Agreement (EVFTA).

“High quality specialty rice products like ST25 are popular in many high-end markets. Recently, the price of domestic raw rice has increased, so the price of finished rice has also increased. I believe that after August the market will be more exciting because in addition to the freight factor, the market is also preparing for the year-end consumption season," said Mr. Dinh Minh Tam - Director of Co May Company Limited.

One of the important factors contributing to the impressive growth of Vietnam's rice exports in recent times is the continuous efforts of businesses in improving product quality.

Mr. Le Hong Giang, Director of ST20 Rice Company Limited, said: "We have invested a lot in processing and product preservation technology to improve the quality of exported rice. At the same time, we focus on Apply international standards on food safety, traceability and meet the strict requirements of import markets."

Vietnamese rice exporters are also trying to diversify types of high-quality rice to meet the increasing demands of consumers around the world. Besides regular rice products, businesses have launched many organic rice products, ST25 rice, Jasmine rice and other specialty rice products.

"We have invested in research and development of new high-quality rice varieties that meet the strict standards of the import market. At the same time, we also focus on building the Vietnamese rice brand in the international market through large-scale marketing and trade promotion campaigns". Mr. Nguyen Luong Hai, Director of Loc Troi Rice Company Limited, informed.

Thanks to these efforts, Vietnam's high-quality rice products are increasingly favored by consumers around the world, contributing to increasing the value of Vietnam's rice exports.

Expectations for the rice export market

With impressive results in the first half of the year, businesses and experts expect Vietnam's rice exports to continue to prosper in the second half of 2024. According to Mr. Phung Duc Tien, Deputy Minister of Agriculture and Development In rural areas, rice is the fifth commodity in terms of export turnover in the agricultural sector and is recording a high growth rate. Vietnam's main export markets currently are the Philippines, Indonesia, China, Ghana, Malaysia, Singapore, of which the Philippines accounts for more than 38% of total rice exports.

Mr. Nguyen Cong Minh, Director of Trung An Rice Co., Ltd., said: "We have constantly made efforts to improve product quality, diversify premium rice products and strengthen marketing and promotion activities." trade to expand export markets. As a result, the company's export sales in 2023 will increase by about 25% compared to 2022."

Vietnam currently accounts for about 25-30% of the global rice market share, becoming the world's largest rice supplier. Traditional markets such as China, Philippines, Indonesia, and Malaysia are still the main consuming markets of Vietnamese rice. At the same time, Vietnam is also actively expanding into new markets such as the Middle East, Africa, South America and some demanding markets such as Korea and Japan.

Mr. Le Hong Giang, Director of ST20 Rice Co., Ltd. said: "We have been actively participating in international fairs and exhibitions to introduce high quality Vietnamese rice products to potential markets. At the same time, we also focus on building long-term cooperative relationships with reputable import partners in these markets."

In addition, Vietnamese rice exporters are also actively looking for opportunities to cooperate with foreign partners to expand production scale, improve competitiveness and develop the Vietnamese rice brand. on the international market.

"We are actively looking for opportunities to cooperate with large corporations in the food sector in the markets of China, India, Korea... This will help us increase production scale, improve competitiveness and bring Vietnamese rice brands to consumers on a global scale." Mr. Nguyen Cong Minh added.

The continuous efforts of Vietnamese rice exporters have made an important contribution to affirming Vietnam's number 1 position in the global rice market. With practical support policies from the Government and the implementation of synchronous solutions, Vietnam's rice industry promises to continue to record great progress in the coming time.

Despite achieving many successes, Vietnam's rice exports still face some challenges. One of the major limitations is the lack of links between farmer households, cooperatives and businesses in the rice supply chain. Mr. Do Ha Nam, Vice President of the Vietnam Food Association, recommended: "Businesses need to link cooperatives and households to focus on high-quality rice to ensure favorable export. This time is a great opportunity for Vietnamese rice to affirm its position in the world market."

The breakthrough in Vietnam's rice exports in the first half of 2024 has created a solid foundation for great expectations in the future. With the continuous efforts of businesses and support from the government, Vietnam's rice industry is on a strong development path. However, to maintain and enhance its position, there needs to be close coordination between relevant parties and the application of synchronous solutions to overcome current limitations.