Rice Exports Set New Record, Exceeding $5 Billion

Amid strong fluctuations in the global rice market, Vietnam’s rice exports achieved impressive results with 8.05 million tons, equivalent to $5.05 billion in the first 10.5 months of 2024. Notably, average export prices reached $626/ton, up 12% year-over-year, driving a 21.49% growth in turnover.

The Philippines remains Vietnam’s leading rice destination, accounting for 46.93% of total export volume with 3.64 million tons, valued at $2.24 billion. Indonesia and Malaysia follow with market shares of 14.02% and 8.7% respectively. These three markets contribute nearly 70% of Vietnam’s total rice export revenue.

Despite global rice prices declining after India lifted its ban on regular rice exports, Vietnamese rice maintains the highest price at $522/ton for 5% broken rice. This price significantly exceeds competitors like Thailand ($500/ton) and India ($440-447/ton).

However, the 2025 rice market faces challenges as Indonesia – Vietnam’s second-largest import market – announces food self-sufficiency plans. According to Food Coordination Minister Zulkifli Hasan, Indonesia may halt rice imports and expand rice cultivation by 750,000-1 million hectares in 2025.

Notably, despite record exports, Vietnam imported 3.2 million tons of rice in 10 months, up 73% year-over-year. This makes Vietnam the world’s third-largest rice importer after the Philippines and Indonesia, indicating increasing dependence on foreign supply.

The U.S. Department of Agriculture forecasts global rice exports will reach 56.3 million tons in 2025, up 2.3 million tons from previous predictions. However, with Indonesia planning food self-sufficiency, Vietnam’s rice industry needs new strategies and markets to maintain export growth momentum.