Vietnam is expected to export 4 million tons of rice each year by 2030, boosting quality and value while reducing volumes, to earn an estimated $2.62 billion annually, according to a strategy on the development of the rice market approved by the government.

The strategy is aimed at developing and diversifying rice export markets to a reasonable, stable, and effective scale, boosting market share and changing product structure, promoting traditional and key export markets, developing new and potential export markets, including markets with which Vietnam has a free trade agreement (FTA), and increasing the market share of Vietnamese rice in export markets, especially in developed countries.

It will focus on connecting export markets with domestic production following value chains, ensuring quality and food safety, and exporting high-quality rice and rice products to ensure export efficiency and confirm the prestige of Vietnamese rice.

The strategy sets a target of increasing the proportion of rice exports with brand names to over 20 per cent during the 2023-2025 period and to over 40 per cent during the 2026-2030 period.

It is expected that rice exports to Asia will account for 55 per cent of total export turnover by 2030, to Africa 23 per cent, to the Middle East 5 per cent, to Europe 5 per cent, to the Americas 8 per cent, and to Oceania 4 per cent.