Vietnam’s Rice Exports Exceed 5 Billion USD in 2024

In 2024, Vietnam’s rice exports have reached a historic milestone, surpassing 5 billion USD for the first time. This achievement follows the record-setting export performance in 2023. As of November 2024, Vietnam’s rice exports reached nearly 8.5 million tons, valued at 5.31 billion USD, marking a 10.6% increase in volume and a 22.4% rise in value compared to the same period in 2023.

A Historic Achievement for the Agriculture Sector

This marks the first time in history that Vietnam’s agricultural sector has reached such a high volume and value in rice exports. This success not only reflects the strong growth of the Vietnamese rice industry but also underscores the global competitiveness of the country’s rice on the international market. Rice exports have become one of the bright spots of Vietnam’s agricultural economy amid global market fluctuations.

Key Export Markets

According to the Ministry of Agriculture and Rural Development, the Philippines remains the largest importer of Vietnamese rice, accounting for 46.1% of total rice export value. Other significant markets include Indonesia and Malaysia, which hold market shares of 13.5% and 8.2%, respectively. Notably, Malaysia has seen a strong increase in rice exports, with export values rising 2.2 times compared to the previous year.

In contrast, exports to China have dropped sharply by 71.3%, reflecting a shift in Vietnam’s export strategy, focusing more on emerging markets and growing demand in Southeast Asia.

Growth Driven by High Export Prices

One of the key factors driving this success is the significant rise in the export price of Vietnamese rice. In the first three quarters of 2024, the average export price of rice reached 626 USD per ton, up 13.4% compared to the same period last year, an increase of 74 USD per ton. This price boost has not only enhanced the export value but also helped Vietnam maintain its position as having the highest-priced rice in the world. By the end of November, Vietnamese rice prices had risen to 522 USD per ton, while prices from competitors like Pakistan and Thailand were between 457-490 USD per ton.

Strong Agricultural Export Growth

In addition to rice, Vietnam’s fruit and vegetable exports also surpassed 5 billion USD for the first time in 2023 and are expected to continue growing in 2024. By November 2024, fruit and vegetable exports had reached 6.6 billion USD, with expectations to exceed 7 billion USD by the end of the year.

Moreover, Vietnam’s coffee exports are also on track to reach 5 billion USD for the first time, bringing the total number of agricultural products with exports valued at over 5 billion USD to three: wood products, fruits and vegetables, and rice.

Future Prospects and Challenges

Although Vietnam’s rice exports are experiencing strong growth, challenges remain. Global market fluctuations, especially changes in export policies from major exporters like India and China, could affect export performance in the future. However, with a focus on maintaining product quality and improving production technologies, Vietnamese rice remains competitive on the international stage.

Looking ahead, the Vietnamese rice industry must continue to maintain product quality, boost trade promotion activities, and develop new markets to sustain and expand its export share.

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