Vietnam's rice exports are expected to reach a record 8.9 million tons in 2024, despite a drop in domestic production. This growth is primarily due to increased demand from international markets such as the Philippines, Indonesia, and Malaysia.

Vietnamese Rice Imports

Vietnam's rice imports from Cambodia have also increased, helping to meet export demand. Vietnamese investment has prompted Cambodian farmers to adopt higher-yielding Vietnamese rice varieties. Cambodian paddy rice, processed in Vietnam, has increased Vietnam's supply. India's return to the world rice market, however, might put pressure on Vietnam's export output. In the future, Vietnam's position in the world rice market will be maintained by its reliance on imports from Cambodia.

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Key Highlights

• # It is anticipated that Vietnam will export a record 8.9 million tons of rice in 2024.
• # Cambodian imports increase Vietnam's ability to export rice.
• # Exports are driven by strong demand from Malaysia, Indonesia, and the Philippines.
• # With support, Cambodian farmers adopt Vietnamese rice varieties.
• # India's market re-entry may pose a challenge to Vietnam's export growth.

Vietnamese Rice Exports

Vietnam's rice exports are expected to reach a record 8.9 million tons in 2024, driven by strong demand in neighboring markets. Vietnam has maintained high export levels despite a drop in domestic production thanks to strategic imports from Cambodia. Vietnamese middlemen's investments and technical assistance have encouraged Cambodian farmers to switch more and more to Vietnamese high-yielding rice varieties. Cambodia is able to export paddy rice to Vietnam through this partnership, where it is processed before being exported.

Vietnam's top export destination is still the Philippines, with Indonesia and Malaysia coming in second and third, respectively. Vietnamese rice has become more competitive as a result of the Philippines' lowering import tariffs and heavy reliance on Vietnamese imports to meet rising consumption. Due to shortages in domestic production and pest problems, Indonesia has also increased its imports of rice from Vietnam.

Vietnam may experience increased competition in the region as India resumes rice exports after temporarily banning non-basmati rice exports. However, because Cambodian rice imports sustain Vietnam's exports, Vietnam is still in a strong position to supply rice to Southeast Asian nations that depend on its consistent supply and affordable prices.
Source: investing.com