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Vietnam’s rice exports might increase this year

Hanoi, Feb 21 (Prensa Latina) Rice is called to become the main dish of Vietnam's agricultural exports in 2024, when that sector is expected to generate estimated total revenues of around 54 billion dollars.

Experts from the industry say that this year’s rice exports might be, at least, the same as in 2023, but the value would be 15 to 20 percent higher, so that the volume of foreign sales might exceed five billion dollars.

Vietnam exported nearly 8.3 million tons of rice in 2023, an unprecedented volume, and it did so under very favorable conditions, as many times during the year the price of Vietnamese rice broke records and was the highest in the world, which allowed the country to bring in more than 4.8 billion dollars.

The projections by the Ministry of Agriculture and Rural Development for the current harvest aim at cultivating 7.1 million hectares of rice and achieving a production of over 43 million tons, some eight million of which would be exported.

In this regard, the Vietnam Food Association predicted that export prices of rice will probably continue to increase in the near future, because while many countries are starting to increase purchases, the world’s main producer, India, maintains its export restrictions on certain varieties of rice.