Vietnam's rice exports reached a historic record of $4.78 billion. However, in 2023, the country also spent nearly $900 million on rice imports.

According to the Ministry of Agriculture and Rural Development, Vietnam exported about 8 million tons of rice in 2023, valued at $4.78 billion, representing a 38.4% increase compared to 2022. As a result, rice became the third-highest export item in the agricultural sector, following wood, wood products, and seafood.

The export price of rice also hit a historic high, reaching $663 per ton, the highest among major rice-exporting countries globally.

Vietnam's rice exports to key markets showed strong growth. Exports to the Philippines amounted to $1.75 billion, up 17.4% from the previous year, making it the largest market for Vietnamese rice last year.

Exports to China also increased by 30.7%, reaching $530 million.

Notably, exports to Indonesia surged dramatically, reaching $640 million, a staggering 992% increase compared to 2022. Consequently, Indonesia became the second-largest customer for Vietnamese rice, after the Philippines.

Despite being a major global rice exporter, Vietnam spent $860 million on rice imports in 2023, primarily from Cambodia and India.

Experts and businesses indicate that Vietnam's rice production meets domestic consumption needs, ensuring food security, and leaves a surplus for export. However, the country still imports certain rice products to support processing and animal feed needs.

According to the Ministry of Agriculture and Rural Development, in 2023, Vietnam’s rice sector maintained a trade surplus of nearly $3.92 billion.

Many forecasts suggest that both domestic and international rice markets will remain active, although rice supply may fall short of demand. Vietnamese rice export prices are expected to stay high in 2024, potentially exceeding $700 per ton.

Source: Vietstock