3-10-2024 (HANOI) In a remarkable development for Vietnam’s agricultural sector, the country’s rice import turnover has reached an unprecedented US$1 billion in the first nine months of 2024, marking a significant milestone in the nation’s trade history.
This surge in imports comes against the backdrop of Vietnam’s robust rice export performance, with over 7 million tonnes of rice exported during the same period, generating $4.37 billion in revenue. The export figures represent a 9.2% increase in volume and a substantial 23.5% rise in value compared to the previous year.
The dramatic rise in rice imports is particularly noteworthy. September alone saw a staggering 154.2% year-on-year increase in import turnover, reaching $117 million. From January to September, Vietnam invested $996 million in rice imports to meet domestic production and consumption needs, reflecting a 57.3% growth compared to the same period last year.
This figure not only sets a new record but also significantly surpasses the total import turnover of $860 million for the entirety of 2023. Industry analysts project that if the current import trend continues for the remainder of the year, the annual turnover could potentially reach $1.3 billion.
