The Heavenly Harvest: Vietnam’s Native Produce Sells Like Hot Cakes in Ukraine, With a Scorching 1,500% Export Increase, Ranking our Country the Third-Largest Producer Globally.

Vietnam’s “sky pearl” has been creating a buzz since the end of 2023, after India’s export ban caused countries to turn to our nation for alternative sources. From October 2023 to October 2024, Vietnam’s rice exports reached over 788,000 tons, valued at more than $505 million, according to preliminary statistics from the General Department of Customs. This represents a slight decrease of 3.67% in volume and a 1% decline in value compared to the previous month.

Cumulative exports from the beginning of 2024 to October reached over 7.7 million tons, earning over $4.86 billion. This demonstrates a significant increase of 10.13% in volume and an impressive 34% surge in value compared to the same period in 2023. The average export price stood at $627 per ton, reflecting a 12% increase from the previous year.

Breaking down the export markets, the Philippines topped the list with over 3.6 million tons of rice, bringing in over $2.2 billion. This signifies a substantial rise of 38% in volume and a remarkable 60% jump in value compared to the previous year. The average price was $615 per ton, an increase of 15%. Indonesia followed closely, importing over 1 million tons of rice worth $655 million, indicating a 7% volume increase and a 20% value surge. The export price to Indonesia also witnessed a notable 12% increase, reaching $602 per ton.

Malaysia, the third-largest importer of Vietnamese rice, accounted for nearly $400 million in value, equivalent to more than 674,000 tons. This represents a significant surge of 87% in volume and an impressive 117% jump in value compared to 2023. The average price stood at $592 per ton, a 16% increase.

Among all the markets, Ukraine witnessed the most significant growth in Vietnamese rice imports, with a four-digit increase. Specifically, rice exports to Ukraine during this period reached 10,834 tons, valued at over $7.2 million. This exceptional performance translates to a 1,486% surge in volume and an astonishing 1,545% climb in value compared to the same period in 2023. However, it’s important to note that Ukraine’s share in Vietnam’s total exports remains small, at less than 1%. Ukraine is a prominent agricultural exporter, particularly known for its wheat production.

Looking ahead, Vietnam is projected to export over 8.5 million tons of rice in 2024, maintaining its position among the top three rice exporters globally, alongside India and Thailand. To achieve this ambitious goal, experts suggest focusing on several key strategies. These include aggressively promoting trade, expanding into new markets, and fully leveraging the advantages offered by existing FTAs to boost exports of high-quality rice.

Additionally, investing in quality enhancement by prioritizing the production of organic and premium rice to meet the evolving demands of international markets is crucial. Another vital aspect is adapting to market fluctuations by closely monitoring global supply and demand dynamics, allowing for the strategic exploitation of export opportunities amid rice shortages in numerous countries.