Rice exports are likely to hit a record high of nine million tonnes in 2024, given a total volume of nearly 8.5 million tonnes shipped abroad in the first 11 months, according to insiders.
The UKVFTA took effect on May 1, 2021, with a preferential tariff quota granted to Việt Nam at a tax rate of zero per cent, enabling UK buyers to have more choices of rice varieties from Việt Nam.
Việt Nam exported 800,000 tonnes of rice for US$505 million in October, bringing the ten-month total to 7.8 million tonnes worth $4.86 billion, up 10.2 per cent in volume and 23.4 per cent in value year-on-year.
Việt Nam exported 6.16 million tonnes of rice in the first eight months of this year, up 5.9 per cent over the same period last year, the Ministry of Agriculture and Rural Development (MARD) has said.
Vietnamese rice now has the highest export prices, distinguishing itself from key competitors, including Thailand and Pakistan, whose prices have fallen.
The Philippines was the largest export market of Vietnamese rice in the first three months of 2024, reaching over 1.01 million tonnes, worth about $649 million.
Despite being one of the primary supply sources for Senegal – a country with one of the highest per capita rice consumption rates in West Africa, Việt Nam''s rice exports to this nation remain modest.
Rice export volume and value during the first 11 months surpassed the figures of the entire 2022, and this year’s revenue is expected to reach US$5 billion, authorities said.
In the nine-month period, Việt Nam exported about 6.61 million tonnes of rice, equivalent to US$3.66 billion, an increase of 23.1 per cent in volume and 40.4 per cent in value compared to the same period last year.