Vietnamese rice value heading upwards

Vietnamese rice value heading upwards

As of the end of March, Vietnam is projected to have exported approximately 1.6 million tons of rice this year, generating over 1 billion USD in revenue, for a 50% increase year-on-year. The result signifies Vietnam’s highest rice exports for 34 years, offering a positive outlook for 2024 as a whole.

The Tan Long Group has been consistently exporting regular rice since 2023, apart from supplying high-quality rice to the European market.

Positive forecasts on rice exports are being made for key traditional markets like the Philippines, Indonesia, the Republic of Korea, Africa, and Middle Eastern countries.

With just a 15% increase in export rice output in the first quarter of 2024, turnover could see a significant 45% rise compared to the same period last year. Despite various adjustments, Vietnamese rice prices remain higher than those of Thai and Indian rice.

The current export price for 1 ton of fragrant rice to Europe and Asia stands in excess of 700 USD. Forecasts suggest that rice prices will rise in 2024 due to limited supply./.

Source: Government News