HCMC – Vietnam exported 789,000 tons of rice worth US$417 million in the first two months of 2023, down 18.8% in volume and 10.8% in value year-on-year, according to data from the Ministry of Agriculture and Rural Development.

However, the export price of Vietnamese rice between January and February averaged out at US$528.5 per ton, up nearly 10% against the year-ago period, the local media reported.

The Philippines was the country’s largest rice buyer in January, importing 129,300 tons of rice valued at US$64.6 million, down 44.7% in volume and 41.4% in value year-on-year.

Despite the fall in rice exports in the first two months of the year, Vietnam’s export of the food staple is forecast to boom this year due to higher demand from Indonesia, Bangladesh and some other nations.

Droughts in the United States, Europe and China are expected to threaten rice supplies, while India has banned exports of broken rice and imposed a 20% export tax on many types of rice, making it easier for Vietnam’s rice exports.

Furthermore, the improved quality of Vietnamese rice has attracted many international rice buyers.