Vietnamese rice now has the highest export prices, distinguishing itself from key competitors, including Thailand and Pakistan, whose prices have fallen.

Vietnamese rice now commands the highest prices globally, distinguishing itself from key competitors like Thailand and Pakistan whose prices have declined. This surge is propelled by robust export demand coupled with global supply limitations.

Rice exporters of Vietnam and Thailand are competing to gain a larger market share in the Philippines, reported Nikkei Asia in an article published on August 2.

Rice exports could bring in a record turnover of 5 billion USD this year if the pace of shipment is maintained like at present, according to Vu Tuan Anh, CEO of GLE company, a rice exporter.

Vietnam has many opportunities to promote rice exports in the second half of this year, even though India could change its rice export policy in the next few months, according to the Ministry of Industry and Trade (MoIT).

Indonesia, the second largest rice export market for Vietnam, may stop bidding to buy Vietnam’s rice as the importer needs time to clarify an internal embezzlement allegation.

Driven by her love for her homeland, Dang Thuy Linh, a young female entrepreneur born in 1981, returned to Vietnam from Germany to build the high-value "My Nhan Lang Gao" brand, aiming to conquer both domestic and international markets.

Vietnam exported 4.68 million tonnes of rice in the first six months of this year, earning 2.98 billion USD, according to the Ministry of Agriculture and Rural Development.

Despite being a major rice-exporting country, Vietnam spent nearly 700 million USD on rice imports in the first six months of this year to meet domestic production and consumption needs.

The reduction of the rice import tax by the Philippines will create more advantages and increase opportunities for Vietnamese rice to enter the market later this year, insiders said.

Amid the world facing a shortage of seven million tonnes of rice, the nation has seized a "golden" opportunity to increase exports, according to industry insiders.

Despite positive results in rice export so far, experts held that domestic firms should carefully evaluate the demand of major export markets to design suitable strategy for the rest of the year.

Vietnam is expected to produce 43 million tonnes of rice this year, of which more than 8 million tonnes will be for export, according to the Ministry of Agriculture and Rural Development.

The Ministry of Industry and Trade requests to ensure full traceability documents and records in purchase, consumption, export of rice to ensure no commercial fraud and preserve brand and reputation of Vietnamese rice.

Vietnam’s rice exports this year are forecast to beat the earlier projection of 7.6 million tons, heard a conference on rice exports.

Vietnam has nine fragrant rice varieties that enjoy tax incentives within their export quota into the European Union, but there are no world’s best rice varieties ST24 and ST25.

The Philippines was the largest export market of Vietnamese rice in the first three months of 2024, reaching over 1.01 million tonnes, worth about $649 million.

The Philippine government is seeking to reduce its heavy dependence on Vietnamese rice by diversifying supply sources.

Vietnam’s rice exporters have been warned that they will have to compete with Thailand has begun boosting exports to Indonesia and the Philippines.

Although Vietnam holds huge potential to boost rice export in 2024 as the world is forecast to face a shortage of about 5 million tonnes of the grain, limitations in linkage chain must be tackled for the industry to move forward.