The reduction of the rice import tax by the Philippines will create more advantages and increase opportunities for Vietnamese rice to enter the market later this year, insiders said.

Amid the world facing a shortage of seven million tonnes of rice, the nation has seized a "golden" opportunity to increase exports, according to industry insiders.

Despite positive results in rice export so far, experts held that domestic firms should carefully evaluate the demand of major export markets to design suitable strategy for the rest of the year.

Vietnam is expected to produce 43 million tonnes of rice this year, of which more than 8 million tonnes will be for export, according to the Ministry of Agriculture and Rural Development.

The Ministry of Industry and Trade requests to ensure full traceability documents and records in purchase, consumption, export of rice to ensure no commercial fraud and preserve brand and reputation of Vietnamese rice.

Vietnam’s rice exports this year are forecast to beat the earlier projection of 7.6 million tons, heard a conference on rice exports.

Vietnam has nine fragrant rice varieties that enjoy tax incentives within their export quota into the European Union, but there are no world’s best rice varieties ST24 and ST25.

The Philippines was the largest export market of Vietnamese rice in the first three months of 2024, reaching over 1.01 million tonnes, worth about $649 million.

The Philippine government is seeking to reduce its heavy dependence on Vietnamese rice by diversifying supply sources.

Vietnam’s rice exporters have been warned that they will have to compete with Thailand has begun boosting exports to Indonesia and the Philippines.

Although Vietnam holds huge potential to boost rice export in 2024 as the world is forecast to face a shortage of about 5 million tonnes of the grain, limitations in linkage chain must be tackled for the industry to move forward.

Minister of Agriculture and Rural Development Le Minh Hoan said he wants to send a message to millions of farming households and businesses that a ‘rice road’ does not mean just producing rice grains.

Rice is getting cheaper despite high demand in some countries.

Vietnam’s rice export has been shifting significantly toward high-quality and speciality products rather than quantity, with an annual stable turnover from 6.2 to 6.3 million tonnes in 2019-23.

Positive prospects are forecast for Vietnam’s rice export in 2024, with bright signs in both market and price.

Vietnam's rice exports are expected to continue their upward trajectory this year, toward a milestone of 5 billion USD in turnover.

Vietnamese rice has recently secured a firm foothold within the European market by boosting its own brand, thereby creating fresh momentum for new breakthroughs to occur this year.

The Mekong Delta is the largest rice production area in VN, but adverse impacts from natural and human-induced changes in the Mekong River have led to growing concerns over water security in the region.

Vietnam gained a record-high export turnover of $4.8 billion from rice in 2023. However, former Deputy Minister of Agriculture and Rural Development Bui Ba Bong said there are still two things that need to be done.

Experts have pointed out 10 problems that are hindering the development of the rice value chain, though Vietnam has great advantages for production.