World 'giants' increase imports, will Vietnamese rice prices increase sharply?

The Philippines - Vietnam's largest rice buyer - could import 4.5 - 4.7 million tons of rice in 2024, a sharp increase from 3.9 million tons last year. World and Vietnamese rice export prices have a chance to increase again.

According to the Vietnam Trade Office in the Philippines, citing the country's Ministry of Agriculture , the total rice import volume of the Philippines in 2024 is forecast to reach 4.5 million tons, higher than the previous forecast of about 4 million tons. This is a great opportunity for Vietnam's rice export activities.

Vietnam's rice export activities face great opportunities when important markets will increase import volume. Cong Han

In the first 6 months of 2024, the total rice imported by the Philippines was 2.32 million tons, an increase of nearly 25% over the same period in 2023. Of this, the amount of rice imported from Vietnam was over 1.7 million tons, Thailand ranked second with 352,331 tons. Updated forecasts from the US Department of Agriculture (USDA) said that the Philippines could import up to 4.7 million tons of rice. This figure increased by 20% compared to the 3.9 million tons imported in 2023 due to domestic policy changes. Specifically, Act 11203, which allows the liberalization of rice imports, and Decree 62, which reduces rice import tax from 35% to 15%. According to USDA, strong demand from major importers such as the Philippines, Malaysia, and Ivory Coast is expected to increase the total global rice import volume in 2024 to 54.29 million tons. These countries are all traditional customers of Vietnamese rice, so our rice export opportunities in the last months of the year are expanding. In the first 6 months of this year, rice exports have achieved 2 factors: quantity and quality, with nearly 4.7 million tons, worth nearly 3 billion USD. In another development, in early July, Mr. Francisco Tiu Laurel, Jr. - Minister of Agriculture of the Philippines, visited and worked in Vietnam to promote trade in rice and agricultural materials from Vietnam. The head of the Philippine agricultural sector also called on Vietnamese enterprises to invest in the agricultural sector of this country. The Vietnam Food Association said that the export price of rice in these countries is at the lowest level since the beginning of the year; 5% broken rice exported from Vietnam is 562 USD/ton, Thailand is 567 USD/ton and Pakistan is 587 USD/ton. Although the market is currently quite quiet due to heavy rains and increased shipping costs. However, from the beginning of August, when the tension of shipping costs may subside, combined with recent positive information, rice prices will increase again. Source: https://thanhnien.vn/ong-lon-the-gioi-tang-nhap-gia-gao-viet-se-tang-manh-185240717092228363.htm