At the meeting, Mr. Le Thanh Hoa, Deputy Director of the Department of Quality, Processing, and Market Development (Ministry of Agriculture and Rural Development), assessed that the prospects for the rice industry are relatively positive in the last six months of the year, as the rice output in many Asian countries is facing the risk of decline due to the impact of El Nino. This will stimulate the demand as well as the price of rice in the international market.
According to the Department of Quality, Processing, and Market Development, the volume of rice exports in the first six months of 2023 reached 4.27 million tons, worth 2.3 billion USD, an increase of 22.2% in volume and 34.7% in value compared to the same period in 2022. The average export price of rice in the first six months of 2023 is estimated at 539 USD per ton, an increase of 10.2% compared to the same period in 2022.
Regarding the rice export market, Ms. Bui Thi Thanh Tam, Vice President of the Vietnam Food Association, stated that the Philippines is Vietnam’s largest rice export market. China has shown good growth since reopening its market after the COVID-19 pandemic. Indonesia has started to import rice again, leading to a strong growth of over 1,498% in Vietnam's rice exports to this market.
Currently, rice exports are favorable, especially towards the end of the year, as major markets such as China, the Philippines, and Malaysia continue to make strong purchases. In the coming days, Indonesia will continue to open tenders for 300,000 tons of rice and is expected to do so continuously. This will cause the prices of rice in these countries to increase, or at least not decrease, said Ms. Bui Thi Thanh Tam.