WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam earns US$1.4 billion from rice exports in Q1
Ngoc Mai 17:58, 2024/04/10
Vietnam is targeting $5 billion in rice exports this year. The country currently ranks third in the world in terms of rice exports.

In the first three months of the year, Vietnam exported over 2.1 million tons of rice, valued at nearly $1.4 billion, marking an increase of approximately 42% over the same period last year.

 Rice harvest in Hanoi's suburban areas. Photo: Pham Hung/The Hanoi Times

These are the latest figures released by the Ministry of Agriculture and Rural Development (MARD), citing data from the General Department of Vietnam Customs.

According to the ministry, rice exports are now among the agricultural products with the highest growth rates.

The surge was driven by key markets such as the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore all increasing their purchases of Vietnamese rice. Of particular note is the dominance of Vietnamese rice in the first quarter auctions held in the Philippines.

However, the MARD notes that while these countries are increasing their purchases, they are diversifying their sources of supply. Countries such as the Philippines and Indonesia are making efforts to increase domestic rice production by enhancing productivity and expanding acreage this year. Additionally, these countries are providing support through programs such as fertilizer subsidies and high-quality seeds, along with financial assistance to local farmers to accelerate planting.

The Indonesian government recently decided to increase the budget allocation for fertilizer subsidies this year by an additional $1.77 billion, bringing the total to around $3.4 billion, as part of efforts to boost agricultural productivity in the country.

In the African market - a traditional rice importing region for Vietnam, rice production is also funded by other countries, to achieve food self-sufficiency.

Therefore, the ministry emphasizes the need for businesses to diversify markets and improve quality to make Vietnamese rice more competitive globally.

The current export price for Vietnamese 5% broken rice stands at $576 per ton, down 12% at the start of the year. This is the lowest price recorded since the beginning of the year and lower than prices from Thailand and Pakistan.

This year, Vietnam targets rice exports worth $5 billion. Last year, the country's total rice exports reached 8.13 million tons valued at $4.7 billion, a record high. Vietnam currently ranks third in the world in terms of rice exports.

RELATED NEWS
TAG: vietnam rice exports vietnam agricultural production vietnam farm produce 2024
Other news
21:14, 2024/10/31
Vietnam, Brazil: Building bridges through shared history and new partnerships
Vietnam and Brazil are forging a future of mutual development, bridging continents through their shared history and new partnerships.
16:54, 2024/10/29
Hanoi to attract tourists by showcasing local specialties at wholesale markets
Hanoi aims to enhance supervision of food safety and traceability, along with promoting cashless transactions.
16:28, 2024/10/27
National E-commerce Week, Vietnam Online Shopping Day 2024 set to kick off
This year's event will focus on celebrating and raising the status of Vietnamese products, according to the Ministry of Industry and Trade.
18:39, 2024/10/21
Vietnamese goods in rising demand among Hanoi residents
The domestic market, estimated to be worth US$180 billion and projected to grow to US$350 billion by 2025, presents an opportunity for Vietnamese goods to gain a foothold domestically.
06:23, 2024/09/27
Hanoi unveils 2024 rural industrial plans
Hanoi is expected to organize 60 major trade promotion events this year, including one-sixth abroad.
06:17, 2024/09/27
Hanoi advances supporting industries for hi-tech services
The global commercial aviation market is expected to grow at an annual rate of about 5%, with Vietnam ranking 5th globally and 1st in Southeast Asia in aviation market growth.