The Indonesian Chamber of Commerce Vietnam said that Indonesia is planning to import two million tons of rice to improve its 2023 reserves, offering an opportunity for Vietnam to ship more rice to the Southeast Asian market.

The State Bank of Vietnam (SBV) has instructed credit institutions in the Mekong Delta region to promote lending to rice producers and traders to help them have sufficient capital, especially in the winter-spring harvest in 2023.

Vietnam is expected to ship about 6.5-7 million tonnes of rice abroad this year thanks to the return of markets like Indonesia, Bangladesh, and China, according to the Ministry of Industry and Trade (MoIT).

The Vietnamese rice industry is set to benefit from the high demand and prices this year, with lower input costs leading to expanded profit margins for rice businesses.

The Ministry of Agriculture and Rural Development is about to complete a draft of the project to develop 1 million ha of low-emission high-quality rice in Vietnam, according to Deputy Minister Tran Thanh Nam.

Vietnam’s fruits have entered a number of choosy markets recently, which shows the sustainable growth of the sector. But there are still things that need to be done to increase added value and gain export revenue of $6.5 billion.