(VOVWORLD) -Vietnamese rice exports are forecast to see major breakthroughs this year thanks to high export price recorded in 2022 coupled with China's reopening.
According to data compiled by the General Department of Vietnam Customs, as of December 15, the country's rice exports reached over 6.8 million tons, raking in more than 3.3 billion USD, up 15.2% in volume and 6.5% in value compared to the same period from last year.
With these positive figures, the Ministry of Agriculture and Rural Development anticipates that the country will fetch between 3.5 billion USD and 3.6 billion USD from exporting over seven million tons of rice this year.
With regard to the rice industry’s achievements last year, Do Ha Nam, vice president of the Vietnam Food Association, emphasized that despite fluctuations occurring in the global market, rice exports to major markets such as the Philippines recorded strong growth of nearly 30%.
Furthermore, 2022 also marked a successful year as Vietnamese rice made inroads into the Middle East and European markets, with a high price of over 1,000 USD per ton. The European market saw ST24 and ST25 fragrant rice branded Trung An traded at over 1,000 USD per ton.
The rice sector is expected to enjoy bright prospects in markets such as the Philippines, China, Europe, and Bangladesh. In particular, China's reopening is predicted to be a promising sign for rice exporters, particularly as Vietnam exported between 2.5 million to 3 million tons to the Chinese market over the previous years.