Gov't approves strategy on Viet Nam's rice export market development

The strategy aims to develop and diversify rice export markets with a reasonable, stable, and effective scale, market and product structure; consolidate traditional and key export markets; and develop new and potential export markets, including FTA markets.

It targets to increase market share of Vietnamese rice in export markets, especially developed countries.

Accordingly, the structure of Viet Nam's rice exports is continuing to shift from quantity to quality, focusing on high-quality rice with higher selling price and added value.

Specifically, Viet Nam will only export around 4 million tons of rice by 2030, gaining US$2.62 billion. The average export growth rate will decrease by about 2.4 percent in 2023-2025 and 3.6 percent in 2026-2030.

The proportion of rice exports with brand names will be increased to over 20 percent during 2023-2025 and over 40 percent in the 2026-2030 period.

Besides, Viet Nam targets to increase the rate of rice directly exported to markets and rice distribution systems of countries to 60 percent.

About 25 percent of exported rice is expected to bear the brand name of Viet Nam rice by 2030.

It is expected that, by 2030, the export of rice in the Asian market will account for 55 percent of total export turnover, 23 percent in the African market, 5 percent in the Middle-Eastern market, 5 percent in the European market, 8 percent in the American market and 4 percent in the Oceanian market.

According to the General Statistics Office, in 2022, Viet Nam's rice export turnover reached 7.1 million tons with a value of US$3.46 billion, an increase of 13.8 percent in volume and an increase of 5.1 percent in turnover compared to the same period in 2021.

The nation earned US$1.56 billion from shipping 2.95 million tons of rice abroad in the first four months of this year, increases of 54.5 percent and 43.6 percent, respectively, year-on-year.

Viet Nam is the world's third-largest rice exporter, after India and Thailand./.