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| Prospects and challenges for Vietnam’s rice export in 2024. (Photo: baochinhphu.vn) |
The latest data from the General Department of Customs showed that from the beginning of the year to mid-February 2024, rice exports reached 663,200 tons, valued at nearly 466.6 million USD, up 14.4% and 53.1%, respectively. Experts believe that rice export prospects in 2024 continue to be positive as major markets show many signs of imports increase.
Besides, according to many forecasts, rice prices will increase in 2024 due to tightened supply. This year, the global rice supply is forecast to no longer be abundant when the main supply, India, will decrease by 4 million tons compared to the previous crop.
It is forecasted that Vietnam's rice exports will continue to be vibrant as demand from major consuming markets in Southeast Asia such as Indonesia, the Philippines, Malaysia, China and Africa increases due to concerns about El Nino lasting until mid-2024.
Global inventories for the 2023-2024 crop year are forecast at 167.2 million tons, down 8.6 million tons compared to the previous crops and the lowest inventory in 6 recent crops years. Accordingly, domestic rice prices are also forecast to stabilize at a high level or maintain an upward trend. Currently, Vietnam’s rice output accounts for about 15 - 18% of the world’s total rice exports.
Regarding rice export challenges in 2024, according to assessments of traders, although Vietnamese rice has a foothold in many markets, the country’s rice faces increasingly fierce competition with rice of Thailand. Therefore, businesses need to continue to improve the quality of exported rice, diversify types, and ensure no violations of pesticide residues. At the same time, they need systematic promotion strategy for the brand, especially high-quality rice.
For solutions to promote rice export, the Ministry of Industry and Trade announced that it will continue to review and urgently complete the Government's decrees on rice export business to complete the legal corridor for the rice export mechanism, creating a transparent, fair and favorable business environment traders.
In addition, the ministry continues to closely monitor the situation of the world rice trade market, the moves of major producing and exporting countries, and promptly inform ministries, branches, the Vietnam Food Association, and traders to proactively regulate rice production, business and export activities. It is continuing to coordinate with relevant ministries and branches to proactively negotiate to diversify export markets, take advantage of opportunities to dominate new and potential markets to enhance the competitiveness of the rice industry./.