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Vietnam keeps a close eye on rice production and world rice market

Hanoi (VNA) – Vietnam’s Ministry of Industry and Trade (MoIT) is keeping a close eye on rice production and the world’s rice market to address emerging issues in time to boost rice production, trade and exports.

Statistics show that by the end of October, Vietnam exported 7.1 million tons of rice worth about US$3.97 billion, up 17% in volume and 34.9% in value compared to 2022. In the same year, the price of Vietnam’s exported rice increased by 15.3% year-on-year.

Asia was the largest market for Vietnamese rice in the first nine months of 2023, consuming 76% of Vietnam’s total rice exports. It was followed by Australia (2.41%), Europe (1.6%) and the US (1.5%).

Notably, the Philippines remains the largest importer of Vietnamese rice, importing nearly 2.5 million tons, accounting for 38.1% of Vietnam’s total rice exports.

Vietnam keeps a close eye on rice production and world rice market

According to the Ministry of Industry and Trade (MoIT), Vietnam has been complying with the guidelines on the structure and quality of rice exports in the Strategy for the Development of Rice Export Markets up to 2030, with white rice accounting for the largest share (55.5% or 3.56 million tons), followed by aromatic rice (24% or 1.5 million tons) and glutinous rice (8.5% or 545,000 tons).

In the face of the complex situation of global food trade, including India’s ban on non-basmati white rice exports, Russia’s withdrawal from the Black Sea Food Initiative, climate change, El Niño, etc., the Ministry of Industry and Trade (MoIT), in coordination with the Ministry of Agriculture (MOA), the Ministry of Rural Development (MoRD), the People’s Committee for Rice Producing Areas (PCRPA), the Viet Nam Food Association (VFA), and rice traders will work towards the stabilization of the domestic rice market in 2023, under the condition that the domestic market is stabilized. In 2023, the Ministry of Industry and Trade (MoIT) will implement measures to regulate rice production and export activities while ensuring the stability of the domestic rice market.

Meanwhile, the Ministry of Industry and Trade regularly inspects traders’ rice trading and export activities. The Ministry has revoked the rice export certificates of 28 traders who have not exported rice for 18 consecutive months after obtaining their rice export certificates, which contributes to a more open, transparent, fair and compliant business environment.

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