The Vietnam Trade Office in Indonesia has suggested that Vietnamese enterprises seize the opportunity to increase their rice exports to Indonesia, as its government has decided to increase the rice import quota by 1.6 million tons for 2024.

This brings its rice import quota to 3.6 million tons for this year.

The move was made to cope with a shortage of rice linked to the El Nino weather pattern delaying the country’s harvest.

Indonesia’s rice price has increased in recent times due to the supply shortage. The retail price stands at $5.17 per 5 kilos, according to the trade office.

Statistics Indonesia (BPS) said the country outlaid $279.2 million on importing over 441,930 tons of rice in January, including 32,340 tons from Vietnam.

Indonesia was Vietnam’s second-largest rice export market last year, purchasing 1.1 million tons, up 878 per cent year-on-year.

Vietnam exported 8.1 million tons of rice during 2023, a year-on-year increase of 14 per cent.