Most notably, rice exports to the French market saw a sharp rise with 18,200 tonnes worth US$19.1 million, representing a 180-fold rise on-year.

Along with traditional markets, Vietnamese rice exports to high-end markets in the reviewed period also witnessed three-digit growth.

The market share of Vietnamese rice in the EU rose from 1% in previous years to 3.1% in 2024. According to the EU-Vietnam Free Trade Agreement (EVFTA), the EU has only granted a 0% tariff quota of 80,000 tonnes of rice.

However, during the three-month period, Vietnam exported up to 46,000 tonnes, duly accounting for more than 50%, thereby demonstrating the great potential of Vietnamese rice in the EU market.

Furthermore, the nation exported 135,300 tonnes of rice to the American market, grossing US$94.5 million and representing a dramatic rise of 299% against the same period from last year.

Compared to other rice exporters such as India or Thailand, the country has enjoyed competitive advantages in the EU and American markets thanks to the signing of free trade agreements such as the EVFTA, the UK-Vietnam Free Trade Agreement (UKVFTA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In line with this, the country exported 2.1 million tonnes of rice worth US$1.4 billion in the first quarter of the year, up 12% in volume and 40% in value compared to the same period from last year.

VOV