The General Department of Customs (GDC) reported that as of mid-September Vietnam had exported 6.5 million tons of rice of different kinds, collecting $4.06 billion.

The export volume increased slightly by 6.2 percent over the same period last year, but the export value rose sharply by 21.2 percent ($710 million).

Vietnam’s rice enjoys large sales in Southeast Asian markets. The Philippines, Indonesia and Malaysia are the three biggest clients.

The Philippines spent $1.72 billion to buy 2.81 million tons of rice from Vietnam in the last eight months. As such, Vietnam’s rice export volume to the market increased by 19.6 percent, and export value by 39.8 percent.

Indonesia has been collecting Vietnam’s rice since last year. In the first eight months 2024, the country bought 913,900 tons of rice, worth $557.8 million. Vietnam’s rice export volume to the market increased by 27.3 percent, and value by 54.4 percent.

As for the Malaysian market, Vietnam exported 582,900 tons during the same time, collecting $345.9 million. The exports to the market surged by 112 percent in quantity and 152.8 percent in value.

With the sharp increase in rice imports from Vietnam, Malaysia has outpaced China to become the third largest market for Vietnam.

GDC reported that the average export price in the first eight months 2024 was $625 per ton, up 14.8 percent.

According to the Vietnam Food Association (VFA), on September 17, Vietnam’s 5 percent broken rice price was $565 per ton, while 25 percent broken rice was $535 and 100 percent broken rice $455.

Experts and exporters said it was difficult to predict rice prices for the last months of the year. However, they believe that prices won’t fall as the reserve for export has decreased.

If the export volume in 2024 is equal to that of last year, Vietnam will export 1.5 million tons of rice in the upcoming 3.5 months. Meanwhile, 200,000 hectares of rice in the north have been inundated because of the typhoon and floods.

Southeast Asian countries still want to buy more rice this year and they are considering importing rice from Vietnam. The Philippines, for example, plans to import an additional 1 million tons of rice from Vietnam.

Indonesia, the second biggest client, has invited bids to provide 500,000 tons of rice in September, with deliveries in October and November.

The market has demand for 5 percent white broken rice from the 2023-2024 crop, and the rice must be from Vietnam, Thailand, Myanmar, Cambodia or Pakistan.

Tam An