Vietnam exported nearly 4.3 million tons of rice worth $2.3 billion in the first half of this year, a year-on-year increase of 22.2 per cent in volume and 34.7 per cent in value, figures from the Ministry of Agriculture and Rural Development (MARD) show.

Export prices averaged $539 per ton, up 10.2 per cent over the same period last year.

Vietnam is expected to export an additional 4 million tons during the remaining months of the year.

Minister of Agriculture and Rural Development Le Minh Hoan said there is major potential for rice exports and asked relevant ministries and agencies to seize the opportunities.

MARD will work with the Ministry of Industry and Trade and relevant agencies to quickly address difficulties and help businesses tap into the opportunities, the Minister told a meeting on July 6 to discuss rice exports.

Deputy Director of MARD’s Department of Quality, Processing, and Market Development Le Thanh Hoa said the rice sector’s outlook has been assessed as relatively positive in the second half of 2023, as many other rice producers in Asia are facing a risk from declining output due to the impact of the El Nino weather pattern, and this will boost rice demand and prices in the global market.

Rice exports are also benefiting from major markets still importing large volumes, such as China, the Philippines, and Malaysia.

Demand is predicted to grow slightly as a result of limited supply of other grains.

Vietnam plans to cultivate 7.1 million ha of rice this year, with total output of 43.11 million tons, up 400,000 tons against 2022.