The global rice market is predicted to be short of 5 million tons in 2024, and global rice inventories have fallen to over 160 million tons.

These developments offer an ample opportunity for Vietnam’s rice industry, the Department of Quality, Processing and Market Development at the Ministry of Agriculture and Rural Development has reported.

At a recent seminar entitled “Global rice market and coming trends”, Deputy Director of the Department Le Thanh Hoa said Vietnam exported some 7.75 million tons of milled rice in the first eleven months of 2023, fetching a total of $4.41 billion in revenue, up 16.2 and 36.3 per cent, respectively, year-on-year. The average rice export price in the January-November period was $568 per ton, a rise of 17.3 per cent over the same period last year.

The Philippines remains Vietnam’s top rice export market, accounting for about 35 per cent.

In November alone, the country imported 2.63 million tons of rice from Vietnam, valued at $1.41 billion, followed by Indonesia, China, and African nations.