Vietnam’s rice imports hit record high

In October, Vietnam’s rice import value rises 225% over the same period last year.

According to preliminary statistics from the General Department of Customs, in the ten months, domestic enterprises spent nearly 1.2 billion USD on rice imports to serve domestic production and consumption needs, up 73% over the same period last year.

In October 2024, Vietnam’s rice import value skyrocketed to 148 million USD, up 225%, equivalent to more than three times compared to October last year.

This is the highest-ever import figure of the rice industry, and far exceeds the import turnover of 860 million USD for the whole year of 2023.

On the contrary, in October, Vietnam exported 800,000 tons of rice, earning 505 million USD, up 29% in volume and 27% in value over the same period last year.

In the first ten months this year, the country shipped nearly 7.8 million tons of rice, worth nearly 4.86 billion USD, also a record high rate. The amount of rice exported since the beginning of the year has increased by 10% and the value has increased by 23% over the same period in 2023.

Currently, Vietnam is prioritizing the production of high-quality products. Therefore, rice imports not only fill the gap in the low-quality rice segment but also provide low-price rice, ensuring profits for businesses. Therefore, rice imports do not affect rice production but help stabilize the price and turnover of Vietnamese rice./.