Despite the strong growth in rice exports, the brand image still remains dim

According to information from the Department of Quality, Processing, and Market Development (Ministry of Agriculture and Rural Development), in the first 2 months of 2024, Vietnam exported 1.02 million tons of rice, with a turnover of 708 million USD, an increase of 49.8% compared to the same period last year. The export price of rice during this period reached 699 USD/ton.

In January 2024, Vietnamese rice was exported to 27 markets, with a volume of over 512 thousand tons, valued at 362 million USD. In February, the export turnover of rice reached 508 thousand tons, with a turnover of 342 million USD. The average export price of rice in February 2024 reached a record of 673 USD/ton.

Despite strong growth in rice exports, the Vietnamese rice brand still appears somewhat dull. Currently, many enterprises have received export orders with significantly higher volumes compared to previous years. However, if the export price of rice increases, then the domestic price of rice in the first months of 2024 tends to decrease. This has raised public concerns that rice export enterprises are restricting the purchase of Spring rice to push prices down. Prime Minister Pham Minh Chinh has issued Directive No. 10/CT-TTg on promoting sustainable, transparent, and efficient production, business, and export of rice in the new situation.

According to information from the Vietnam Food Association, global rice production in 2024 could reach nearly 520 million tons, while consumption is also approaching 525 million tons, so there may be a shortage of 5 million tons for rice needs. Therefore, rice processing and exporting enterprises need to closely monitor the market to effectively implement both existing and new contracts in terms of price and quality.

In summary, although rice exports are growing strongly, improving the brand and maintaining domestic prices are important challenges for the Vietnamese rice industry.

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