The rice industry in Vietnam is thriving, with the country experiencing an increase in revenue from exports and projected to produce 43 million tons of rice by 2024. In the global market, Vietnamese rice prices rose by US$3 to US$8 per ton last week, helping Vietnam reclaim its position as the top exporter of broken rice. Specifically, the price for Vietnam’s 5 per cent broken rice is now at US$585 per ton, surpassing Thailand’s equivalent by US$3 and Pakistan’s by US$10.
Vietnam has seen a substantial increase in revenue from rice exports, with earnings of US$2.08 billion in the first four months of this year from exporting 3.23 million tons of rice. This marked a 36.5 per cent increase in value and an 11.7 per cent increase in volume compared to the same period last year, according to the Ministry of Agriculture and Rural Development. The country’s ability to sustain and grow its rice industry is expected to continue in the coming years as it remains optimistic about meeting both domestic consumption and export demand of more than 8 million tons.