Minister of Agriculture and Rural Development Le Minh Hoan told a conference on July 6 that Vietnam should take advantage of the current opportunity to boost its rice exports.
According to the agriculture ministry’s market development department, the outlook for the rice sector is quite positive for the second half of 2023 as rice output in many countries in Asia face the risk of falling due to El Nino, which will increase rice demand and prices on the international market.
Vietnam's rice export outlook is positive in the second half of 2023.
The department said Vietnam exported 4.27 million tonnes of rice worth 2.3 billion in the first six months of 2023, up 22.2% in volume and 34.7% in value.
The average price during the period was 539 USD per tonne, up 10.2% from a year ago.
The Philippines is currently Vietnam’s largest rice importer while exports of the grain to China have also witnessed sizeable growth since their opening after the Covid-19 pandemic, according to Bui Thi Thanh Tam from the Vietnam Food Association.
Indonesia has also resumed importing rice, helping Vietnam’s rice exports to the Southeast Asian country soar by 1.498%.
The outlook for the second half is positive as major rice importers such as China, the Philippines and Malaysia are still buying large quantities. Indonesia is planning to launch a call for bids for a supply of 300,000 tonnes in the next few days and more calls are expected in the coming months.
The demand for rice could witness a slight rise due to the limited supply of other grains, while demanding markets such as Europe, Australia and the Republic of Korea are creating an opportunity for Vietnam’s high-quality rice.