11-8-2023 (HANOI) Vietnam, a prominent player in the global rice trade, is poised to export 7 to 8 million metric tonnes of rice this year, according to reports from state media on Friday.
The country’s Minister of Agriculture, Le Minh Hoan, stated in a report cited by the Vietnam News Agency that rice production is expected to reach 27 to 28 million metric tonnes this year. This robust output ensures sufficient domestic food security for Vietnam, which held the position of the world’s third-largest rice exporter last year, trailing behind India and Thailand.
Government data reveals that Vietnam’s rice exports surged by 21% in the first seven months of this year compared to the previous year, amounting to 4.89 million tonnes. In 2022, the country’s total rice shipments reached 7.1 million tonnes.
India, the leading global player in the rice trade with over 40% market share, recently imposed a halt on its largest export category in an attempt to stabilize domestic prices. This move has caused global prices to soar to a 15-year high, intensifying concerns over already elevated global food inflation.
Traders have reported that prices of Vietnam’s 5% broken rice <RI-VNBKN5-P1> reached US$630-$640 per metric tonne on Friday. As exporters anticipate further price increases, trade activities have remained subdued.
Vietnam’s Minister of Trade emphasized the opportunity to expand rice exports due to the surge in global prices. However, he also stressed the importance of maintaining domestic food security amidst these market dynamics.
