Vietnam exported 5.18 million tons of rice in the first 7 months of 2024 earning a turnover of US$3.27 billion, an increase of 25.1 percent in volume and 5.8 percent in value compared to the same period last year.
The Southeast Asian country can earn a lot of money partly due to the increase in Vietnam’s rice export prices. The average export price of rice reached $632 per ton, up more than 18 percent compared to the same period last year. India’s ban on exporting all non-basmati rice has led to an increase in rice prices on the world market.
As a result, rice-exporting countries like Vietnam and Thailand have seen an increase in the value of their rice exports. The Philippines continues to be a major export market for Vietnamese rice. In the Philippines, Vietnam currently holds up to 85 percent of the imported rice market share.
According to forecasts, Vietnam’s rice production in 2024 will reach 43 million tons, ensuring domestic demand and generating more than $5 billion in export revenue. Despite facing many difficulties due to harsh weather conditions, Vietnam’s rice industry has maintained stability.
