Vietnam’s rice industry has experienced significant growth in recent years, with earnings from rice exports reaching US$2.08 billion in the first four months of 2021. This increase in revenue is due to a number of factors, including a rise in global demand for rice and an increase in prices of Vietnamese rice in the global market.
In particular, Vietnam has reclaimed its top position as the highest exporter of rice in terms of prices, with the price for 5 per cent broken rice now at US$585 per ton. This is an increase of US$3 compared to Thailand’s equivalent and US$10 compared to Pakistan’s. Additionally, Vietnam’s 25 per cent broken rice and 100 per cent broken rice are priced at US$555 and US$470 per ton, respectively.
Looking ahead, Vietnam’s rice output is projected to reach 43 million tons by 2024. This level of production is expected to meet both domestic consumption and export demand, which is projected to be more than 8 million tons. The Ministry of Agriculture and Rural Development remains optimistic about the country’s ability to sustain and grow its rice industry in the coming years.