27-5-2023 (HANOI) Vietnam has unveiled its plan to decrease rice exports to 4 million tonnes annually by 2030, a significant reduction from the 7.1 million tonnes exported last year, according to a government document outlining the country’s rice export strategy.
As the world’s third-largest rice exporter, following India and Thailand, Vietnam aims to prioritize various objectives with this move. The government document, reviewed by Reuters and dated May 26, states that the goal is to “enhance the export of high-quality rice, ensure domestic food security, protect the environment, and adapt to climate change.”
The document further indicates that rice export revenue is expected to decline to $2.62 billion per year by 2030, down from $3.45 billion in 2022.
To mitigate reliance on any single market, Vietnam plans to diversify its rice export destinations. Historically, the Philippines has been the largest buyer of Vietnamese rice, accounting for 45 percent of the country’s shipments in the previous year.
By 2025, Vietnam aims to allocate 60 percent of its rice exports to Asian markets, 22 percent to Africa, 7 percent to America, 4 percent to the Middle East, and 3 percent to Europe, according to the government document.
In order to achieve its goals, Vietnam will prioritize the production of high-quality, fragrant, and glutinous rice while reducing the cultivation of low-quality grains. The document outlines targets of limiting the production of low-quality rice to 15 percent of total output by 2025 and further reducing it to 10 percent by 2030.
