The Vietnam News Agency has quoted authorities from the Ministry of Agriculture and Rural Development (MARD) as saying that rice export volumes and value in the first eleven months of this year surpassed the figures for all of 2022, and annual revenue is expected to reach $5 billion.

The rice farming area nationwide now stands at 7.1 million ha, with productivity estimated at 6.08 tons of unmilled rice per hectare and total output at 43.1 million tons, up by about 420,000 tons from last year.

Some 7.75 million tons of milled rice was exported during the first eleven months, earning an estimated $4.41 billion, year-on-year increases of 16.2 per cent and 36.3 per cent, respectively. Export prices averaged $568 per ton during the period, up 17.3 per cent compared to the same period last year, according to MARD’s Department of Quality, Processing and Market Development.

Export volumes have been kept at around 6 million tons and have increased over the years, with annual value continually topping $3 billion, figures show.

At a workshop held in the Mekong Delta province of Hau Giang recently, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam forecast that domestic and international rice markets will remain vibrant in the time ahead due to significant import demand from China, Indonesia, the Philippines, the Middle East, and Africa.

However, he added, growth in export volumes will affect the stockpile of 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 grain.