The average export price of rice in the first two months of 2023 is estimated at US$528.5 per ton, up 9.86 percent over the same period in 2022.
Accumulated in the first 2 months of the year, rice exports reached more than 893 thousand tons, worth US$472 million. This result decreased by 8.1 percent in volume but increased by 1 percent in value over the same period last year.
In March, all countries have a significant demand for food reserves. Additionally, the main export product is fragrant rice (gao thom), a high-quality type of rice.
Viet Nam's rice export in 2023 is forecasted to further increase given the effects of climate change and drought in the U.S., Europe and China.
The Deputy Director General of the Asia-Africa Market Department under the Ministry of Industry and Trade Nguyen Phuc Nam said that Viet Nam's rice export to Asia accounted for 70 percent, followed by Africa with 11 percent.
Thought China is still a stable market for Vietnamese rice products many businesses have redirected rice export markets outside China.
For example, rice exports have prospered in the Philippines market. Currently, Vietnamese rice accounts for more than 80 percent of the Philippine market, due to its reasonable and competitive selling prices.
Demand in traditional markets such as Indonesia and Bangladesh rebounded. Along with that, the quality of Viet Nam's rice exports is increasingly improved.
With the EU market, under the EVFTA Agreement, Viet Nam is granted a quota of 80,000 tons, of which 30,000 tons of white rice, 30,000 fragrant rice, and 20,000 tons of brown rice./.