According to the General Department of Customs, Vietnam’s rice exports in November reached over 704,000 tons, with a value of over 443 million USD, a decrease of 10.6% in volume and 12.2% in value compared to October 2024.
In 11 months of the year, Vietnam has earned more than 5.3 billion USD from rice exports with over 8.4 million tons, an increase of 10.6% in volume and 22.3% in value compared to the same period in 2023. The average export price was 627.4 USD/ton, an increase of 10.5% compared to the last year.
In terms of markets, the Philippines is currently Vietnam’s largest customer, with over 4 million tons, worth more than 2.47 billion USD. This is an increase of 39.3% in volume and 57.2% in value compared to the same period last year. The average price was 617.6 USD/ton, an increase of 12.8% compared to the 11 months of 2023.
Indonesia ranked second with 1.13 million tons, worth 678.92 million USD, an increase of 0.6% in volume and 10.5% in value compared to the same period last year.
Malaysia ranked third with over 699,000 tons, worth 414.46 million USD, a strong increase of 79% in volume and 105.9% in value compared to 11 months of 2023.
Vietnam’s rice has been ordered by Ukraine since the beginning of the year.
In addition to the main markets, Ukraine is a significant buyer of Vietnam’s rice. Specifically, in 11 months of the year, this country imported 10,956 tons of rice, worth over 7 million USD, an increase of 1,355% in volume and 1,370% in value compared to 2023, making it the country with the strongest growth among Vietnamese rice import markets.
Ukraine is a strong country in agricultural exports, especially wheat. Since the beginning of the season, Ukraine’s grain exports have increased to 2.56 million tons, higher than the 2 million tons during the same period last year (according to the Ukrainian Ministry of Agriculture). This country has also been the largest supplier of wheat to Vietnam since the beginning of the year.
Vietnamese rice has been continuously in high demand since the end of 2023. Due to India’s export ban, countries turn to Vietnam for alternative supply. In 2024, Vietnam ranked third in the world in rice exports, following India with 17 million tons and Thailand with 10 million tons.
However, the forecast for exports in 2025 indicates that India, the world’s largest rice exporter, has lifted the ban on exporting non-Basmati white rice, opening a period of abundant supply and affordable prices for global consumers. India’s return to the market is expected to help stabilize global rice prices, benefiting importing countries, while also forcing Vietnamese and Thai rice to compete more fiercely.
According to the U.S. Department of Agriculture, global rice exports in 2025 will increase to 56.3 million tons, 2.3 million tons higher than the previously announced forecast. The average export price of rice may drop below 600 USD/ton. However, the opportunity for Vietnamese rice remains if quality is emphasized to meet the increasingly strict standards of import markets. And this will be the main competitive advantage of Vietnamese rice in the coming time.