As one of the world’s top rice exporters, Vietnam has a rich history and significant role in the global rice market. The country is home to numerous Vietnam rice suppliers and Vietnam rice export companies that contribute to its economic and cultural landscape.
Vietnam’s rice industry has been a cornerstone of its economy and culture for centuries. The fertile Mekong and Red River deltas provide ideal conditions for rice cultivation, making Vietnam the world’s third-largest exporter of rice.
The country’s rice industry is diverse, with many Vietnam rice suppliers and Vietnam rice wholesalers contributing to its success. These companies range from small family-owned operations to large state-owned enterprises like the Vietnam Northern Food Corporation (Vinafood 1), which is one of the biggest rice exporters in Vietnam.
These Vietnam rice suppliers and Vietnam rice export companies play a crucial role in the country’s economy, providing employment for millions of people and contributing significantly to Vietnam’s GDP. They also play a vital role in feeding the nation and many parts of the world, particularly in regions where rice is a staple food.
In recent years, Vietnam’s rice industry has undergone significant changes, with a shift towards more sustainable and high-quality rice production. This shift has been driven by increasing global demand for high-quality rice and the need to adapt to changing environmental conditions.
As we look towards 2024, the future of Vietnam’s rice industry is bright. With its rich history, diverse range of Vietnam rice suppliers, and commitment to sustainable and high-quality rice production, Vietnam is well-positioned to continue its role as a leading global rice exporter.
Vietnam, with its vast areas dedicated to rice cultivation and impressive milled rice production, stands as a major player in the global rice market. The country’s rice suppliers and rice wholesalers play a crucial role in achieving high export volumes.
In 2021, Vietnam’s total rice production was about 44 million tons. This impressive figure meets the demand for domestic consumption, processing, poultry and livestock feed, and export. Despite a decrease in the cultivated area by about 39,700 ha, the yield increased by nearly 1.9 quintals/ha compared to 2020.
The Vietnam rice suppliers and Vietnam rice wholesalers have been instrumental in this success. They have managed to increase the rate of using high-quality rice varieties to over 77% to enhance the value of the "Vietnamese rice grain brand". The proportion of high-quality rice accounts for over 89% of exported rice, which has contributed to raising the average export price of rice from 496 USD/ton in 2020 to over 503 USD/ton in 2021.
The Vietnam rice exporters and Vietnam rice export companies have also played a significant role in this achievement. They have managed to navigate the challenges of the global market and have contributed to a forecasted rice export in 2021 reaching over 3.27 billion USD.
As we look towards 2024, the Vietnam rice suppliers, Vietnam rice wholesalers, and Vietnam rice exporters are expected to continue playing a crucial role in maintaining and increasing these high export volumes. With their commitment to quality and sustainability, they are well-positioned to meet the demands of the global rice market.
Factors such as the El Nino phenomenon and global market demand significantly influence the future of Vietnam’s rice exports. This section will discuss predictions for rice prices and export volumes for 2024, providing valuable insights for Vietnam rice exporters and those interested in the market trends.
As global supply is still low, demand for Vietnamese rice is expected to surge in 2024, especially from the Philippines and China. This surge in demand, coupled with the impact of the El Nino phenomenon, could lead to an increase in rice prices.
Vietnam targets producing 43-43.5 million tons of rice in 2024. With the country’s commitment to high-quality and sustainable rice production, Vietnam rice suppliers and Vietnam rice wholesalers are well-positioned to meet this target.
Rice exports are forecast to bring 5.3 billion dollars to the country in 2024. This forecast is based on the current state of the global rice market and the expected increase in demand for Vietnamese rice.
The Vietnam rice exporters and Vietnam rice export companies will play a crucial role in achieving this forecast. They will need to navigate the challenges of the global market, including fluctuations in rice prices and changes in global market demand.
The future of Vietnam’s rice exports looks promising. With the right strategies and a commitment to quality and sustainability, Vietnam rice suppliers, Vietnam rice wholesalers, and Vietnam rice exporters can look forward to a successful 2024.
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>> Read more: How to Import Rice from Vietnam: A Step-by-Step Process
As we look ahead to 2024, the global food stress situation is expected to persist, according to numerous experts and organizations. This is largely due to the El Nino weather phenomenon, which caused widespread drought across Asia in 2023 and is predicted to continue into the first half of 2024. This is anticipated to result in a decrease in Asia’s rice production in the first half of 2024.
Notably, this isn’t just affecting rice. CoBank, a leading lender in the US agricultural sector, has reported that global grain and oilseed inventories are tightening. The northern hemisphere is likely to experience strong El Nino weather patterns for the first growing season since 2015.
In 2023, this phenomenon led to a significant drop in the supply of rice, wheat, palm oil, and other agricultural products from the world’s leading agricultural export and import countries. Consequently, India, which accounts for 40% of global rice output, issued an order restricting the export of common white rice. This sudden halt in supply, coupled with high demand for rice, has led to a continuous increase in world rice prices. The market now relies on two main supply sources: Thailand and Vietnam.
According to forecasts from the US Department of Agriculture (USDA), although global rice production will increase in the 2023-2024 crop year compared to the 2022-2023 crop year, production will still be lower than consumer demand.
Specifically, Ssresource Media Pte. Ltd (Singapore) stated that by the end of 2023, global rice production in the 2023-2024 crop year will likely reach 517,796 million tons. This is an increase of 4,441 million tons compared to the 2022-2023 crop year. However, global rice consumption in the 2023-2024 crop year is also forecast to increase by 856,000 tons compared to the 2022-2023 crop year when it was at 522,286 million tonsThus, demand is increasing more than supply by about 4.5 million tons.
Meanwhile, India is expected to maintain its rice export restriction and may extend it until the end of the year due to the ongoing effects of El Nino, which is causing crops to decline. This, according to Mr. Subramanian from SSRESOURCE MEDIA Company (Singapore), will cause the market in 2024 to react favorably for Vietnamese rice.
In fact, at the end of 2023, international experts made many predictions and affirmed that in 2024, countries such as Indonesia, the Philippines, and Malaysia are forecast to continue to have high demand for rice imports. For example, Indonesia is expected to import about 2.5 million tons of rice in 2023 and could purchase an additional 1.5 million tons in 2024.
>> Read more: Top Vietnamese Rice Suppliers: A Comprehensive Guide 2023
The Vietnam rice suppliers, Vietnam rice wholesalers, Vietnam rice exporters, and Vietnam rice export companies are poised to play a crucial role in meeting the global demand for rice in 2024.
Vietnam, a country with a rich history in rice cultivation, is emerging as a leading player in the global rice market. As one of the top Vietnam rice suppliers, Vietnam rice wholesalers, and Vietnam rice exporters, the country has seen a significant increase in rice export output.
In 2023, when India issued a ban on rice exports, countries with a large market share in the rice market, such as Thailand and Vietnam, saw a surge in demand. Thailand exported nearly 8 million tons of rice in just 11 months. Vietnam, according to estimates by the Ministry of Agriculture and Rural Development, reached an export output of over 8 million tons, setting a record value of 4.78 billion USD.
Looking ahead to 2024, it is predicted to be a year of opportunity for major rice-exporting countries like Vietnam. With world rice prices expected to remain high, sellers will continue to have the advantage in price decisions. The demand for rice worldwide continues to remain high to ensure food security, with countries like the Philippines and Indonesia having great demand.
As Mr. Do Ha Nam, Vice Chairman of the Vietnam Food Association, commented, “Regarding rice supply, India will continue to maintain rice export restrictions in 2024, while climate change continues. These factors will contribute significantly to rice prices maintaining high levels until mid-2024.”
Whether you’re looking for Vietnam rice suppliers, Vietnam rice wholesalers, or Vietnam rice exporters, the future looks promising. With its strong position in the global market, Vietnam is poised to meet the growing demand for this essential grain.
While the opportunities for Vietnam rice suppliers, Vietnam rice wholesalers, and Vietnam rice exporters are vast, they also face significant challenges.
In 2023, the global rice market experienced a major shift when India, a significant rice exporter, imposed a ban on rice exports. This decision led to a surge in demand for rice from other countries with large market shares, such as Thailand and Vietnam. However, the high export prices led to a sharp increase in domestic prices, sometimes even surpassing export prices. This situation strained the supply chains, causing disruptions and making it difficult for Vietnam rice export companies to fulfill their contracts.
Moreover, the last months of 2023 saw a dwindling amount of rice in the population. This forced export businesses to buy high to repay contract debt or be cautious in signing new orders, leading many importers to choose other countries to buy rice.
Mr. Phan Van Co, the Marketing Director of Vrice Co., Ltd, shared his insights on this issue. He pointed out that the rapid fluctuations in rice prices have caused difficulties for export enterprises in mobilizing sources of goods to carry out signed contracts. Furthermore, the domestic rice source was almost “dry” in the last months of the year because businesses had sold it all, making it difficult for businesses to sign new contracts.
Despite the high prices of our rice, which is good, it also causes businesses to lose opportunities because partners choose importers with more competitive prices. This highlights the need for strategic planning and innovative solutions to navigate through these challenges and continue to take advantage of the existing opportunities in the rice export industry
>> Read more: The Impact of EVFTA on Rice Export from Vietnam
Freshdi.com's guide provides you with all the detailed information about the Vietnamese rice industry, covering various topics from the import market and popular rice varieties to price trends, finding exporters, and necessary considerations when exporting rice from Vietnam. This guide helps you understand the Vietnamese rice market, helping you succeed in trading with rice suppliers in Vietnam.
Chapter 1: Comprehensive Overview of Vietnam’s Rice Market Dive into the heart of Vietnam’s rice industry, exploring the vibrant import market, diverse rice varieties, competitive pricing, and key considerations for exporting rice from this Southeast Asian powerhouse.
Chapter 2: Certified Vietnam Rice Exporters List accredited by the Ministry of Industry and Trade - October 2023 Stay updated with the latest list and criteria of rice export-qualified enterprises recognized by Vietnam’s Ministry of Industry and Trade.
Chapter 3: Vietnam’s Top 10 Rice Exporters (January 2022) Uncover the dynamics of Vietnam’s rice industry, highlighting the top exporters and key market trends in January 2022.
Chapter 4: Top Vietnamese Rice Suppliers: A Comprehensive Guide 2023 Navigate through the top Vietnamese rice suppliers, their diverse product offerings, strategic locations, and tips for successful cooperation.
Chapter 5: How to Import Rice from Vietnam: A Step-by-Step Process Demystify the process of importing rice from Vietnam with insights into types, prices, suppliers, and more.
Chapter 6: How to Find Rice Suppliers in Vietnam Learn how to search and select reliable rice suppliers, along with essential tips when working with Vietnamese suppliers.
Chapter 7: Comprehensive Guide to Import Customs Procedures for Rice from Vietnam Master the import customs procedures for rice from Vietnam, including the necessary steps and key requirements for a smooth import process.
Chapter 8: Understanding Rice Export Taxation from Vietnam: A Comprehensive Guide Get a grasp on rice export taxation in Vietnam, including HS codes, export duties, and the impact of the EVFTA agreement.
Chapter 9: Top Types Of Rice Exported Abroad: Vietnam Rice Export Discover Vietnam’s fragrant rice varieties, their unique characteristics, and their global distribution.
Chapter 10: Forecast for Vietnam’s 2024 Rice Exports Gain an insightful look into Vietnam’s rice industry, its export forecast for 2024, and the underlying market dynamics.
In conclusion, this article provides a comprehensive overview of Vietnam’s rice industry, focusing on the role of Vietnam rice suppliers, Vietnam rice wholesalers, and Vietnam rice exporters. It discusses the current state of rice production and export in Vietnam, forecasts for 2024, and the challenges and opportunities that lie ahead. The article serves as a valuable resource for those interested in the dynamic rice market, offering insights that can help navigate this complex industry. With the right strategies and a commitment to quality and sustainability, Vietnam’s rice industry can look forward to a successful future.
Source:
https://vietnamagriculture.nongnghiep.vn/rice-exports-in-early-2024-are-forecast-to-be-positive-d371450.html
https://www.vietnam.vn/en/xuat-khau-gao-nua-dau-nam-2024-du-bao-tiep-tuc-kha-quan/
https://www.vietnam.vn/en/cang-thang-luong-thuc-toan-cau-du-bao-keo-dai-trong-nam-2024-co-hoi-cho-gao-viet/
