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Philippine Secretary of Agriculture Francisco Tiu Laurel, Jr. When meeting with Vietnam’s Minister of Agriculture and Rural Development Le Minh Hoan on January 29, he emphasized that 80% of the Philippines’ rice is imported from Vietnam and that the Philippines regards neighboring countries as important partners in ensuring domestic food security.
Laurel hopes to learn more about how Vietnam can develop high-quality rice varieties that can withstand harsh weather conditions such as drought, seawater intrusion, flooding and insect infestations.
Minh Huan, Minister of Agriculture and Rural Development of Vietnam, said that in the face of steady increases in rice prices, Vietnam continues to maintain rice exports at the level of previous years.
In 2023, Vietnam’s rice exports are expected to reach about 8.2 million tons, worth nearly US$4.8 billion, which is the highest figure since 1989 (when Vietnam started rice exports). It is worth noting that the proportion of high-quality rice varieties in Vietnam has increased from 50% in 2015 to 74% in 2020, and is currently 85%. Rice export volume has remained at around 6 million tons and has shown a growing trend year after year. The annual export volume continues to exceed 3 billion US dollars.
In terms of export markets, according to statistics from the General Administration of Customs, as of the end of November 2023, ASEAN and China are the two largest markets. Exports to ASEAN were 4.58 million tons, a year-on-year increase of 25.6%; exports to China were 896,000 tons, an increase of 10.9%. The total rice exported to these two markets reached 5.48 million tons, accounting for 72% of the country’s total rice exports during the same period.
In assessing the results of rice exports, the Vietnam Food Association (VFA) said that in 2023, amid unstable food security and tightened export restrictions from India and Russia, Vietnam will become a major rice exporter with a large number and variety of high-quality rice varieties, ensuring that Stability in many market segments from Asia to Europe.
Forecasts for 2024 indicate that with a global rice shortage of 5 million tons and rice export conditions continuing to be favorable, India is likely to maintain restrictions on rice exports next year. At the same time, traditional Vietnamese rice importing countries such as Indonesia and the Philippines are increasing rice imports. With these advantages, VFA expects the rice export target to reach US$5.3 billion in 2024, an increase of nearly 13% from 2023.
(Source: hanoitimes Image source: freepik)
