Vietnam's rise as the third-largest exporter and importer of rice is a significant development in the global rice market. According to recent data from the Ministry of Agriculture and Rural Development of Vietnam, the country has exported approximately 7.8 million tonnes of rice in the first ten months of 2024, generating $4.90 billion in revenue.

This marks a 23% increase compared to the same period last year. Major buyers of Vietnamese rice include Indonesia, the Philippines, and Malaysia.

Interestingly, Vietnam has also become the third-largest importer of rice, with imports rising by 73% to 3.2 million tonnes, costing the country around $1.20 billion.

The import surge has been driven by the need to supplement domestic rice production and meet growing consumption demand, particularly with cheaper rice from other countries.

Vietnam, known for producing high-quality aromatic rice, has focused its exports on premium varieties with higher unit prices.

Despite the rise in imports, Vietnam's domestic rice production remains strong. The country is expected to produce around 43 million tonnes of paddy this year, which will satisfy both domestic consumption and export needs. The overall rice export revenue is anticipated to reach a record $5 billion by the end of the year.