Vietnam earned nearly $3.7 billion from exporting 6.6 million tons of rice in the first nine months of the year, the highest value posted to date, according to the Ministry of Agriculture and Rural Development (MARD).

The figure represents a year-on-year rise of 40.4 per cent in value.

Vietnam is therefore expected to set a new record of over 8 million tons in rice exports during 2023, with total revenue of around $4.5 billion.

The average rice export price hit $554 per ton in September, up 14 per cent year-on-year.

Vietnam has become the second-largest rice supplier in the world over the past two months, with nearly 1.8 million tons.

It is expected to harvest more than 5 million tons of rice before the end of the year.