It is outstanding that Vietnam earned 3.66 billion USD with just 6.6 million tonnes in 2023 while in 2011 the country previously needed to export 7.1 million tonnes to bring in 3.65 billion USD.
This is because Vietnam’s rice export prices have remained consistently high at 553 USD per tonne on average, up 14% from 2022. The prices approached 650 USD per tonne at times.
Currently Vietnam’s export prices are still topping the world while those of countries such as Thailand and Pakistan have dropped slightly.
According to the Vietnam Food Association, the income of the rice sector has improved considerably compared to previous years thanks to high prices.
Vietnam still has plenty of room to boost its rice exports as the Philippines and Indonesia are looking to import another 1.1 million tonnes and 2.3 million tonnes respectively by the end of the year.
China’s rice demand is also forecast to rise in the final months of the year.
