Rice export volume and value of Vietnam during the first 11 months 2023 surpassed the figures from the whole of 2022, and2023’s revenue is expected to reach US$5 billion, authorities said.

In 2023, the rice farming area nationwide in Vietnam is 7.1 million ha with productivity estimated at 6.08 tonnes of unmilled rice per ha and total output at 43.1 million tonnes, up about 420,000 tonnes from 2022.

Some 7.75 million tonnes of milled rice was exported during the first 11 months of 2023, fetching an estimated $4.41 billion in revenue, up 16.2 percent and 36.3 percent respectively year on year. Export prices averaged $568 per tonne during the period, up 17.3 percent, according to the Department of Quality, Processing and Market Development under the Ministry of Agriculture and Rural Development (MARD) of Vietnam.

The export volume has been kept at around 6 million tonnes and increased over years, with annual value continually topping $3 billion, statistics show.

At a workshop held in the Mekong Delta province of Hậu Giang on Dec. 13, 2023，MARD Deputy Minister Trần Thanh Nam said the rice sector plays a crucial role in the agriculture of Việt Nam and many other countries in the region and the world.

Domestic and international rice markets will remain vibrant in the time ahead due to big import demand from China, Indonesia, the Philippines, the Middle East, and Africa, he forecast.

However, Nam noted, the growth in export volume will affect the stockpile in exporting countries while higher export prices will also lead to an increase in unmilled rice prices, which in turn will partly impact domestic prices of milled grains.