The Southeast Asian country's rice production is expected to reach 43 million tons in 2024, according to the Ministry of Agriculture and Rural Development (MARD).

In the first four months of 2024, rice exports rose 11.7 percent to 3.23 million tons worth US$2.08 billion. Viet Nam's average rice price increased by 22.2 percent to US$644 per ton.

Global rice production in the 2023-2024 crop year is expected to reach nearly 518 million tons, while total consumption is 525 million tons. 

MARD said that rice supply is not abundant due to unfavorable weather factors while many countries tend to increase imports for reserve purposes.

Additionally, some countries continue to ban or restrict exports and many hot conflict spots in the world have caused the world rice market to continue to be vibrant soon.

According to the United States Department of Agriculture (USDA), the global rice supply is predicted to no longer be abundant as India's output may decrease by 4 million tons compared to the previous crop year, to 132 million tons.

Other markets such as the Philippines, Indonesia, Thailand, and Cambodia are also forecast to reduce output due to the impact of the El Nino phenomenon and climate change. This is an opportunity for countries exporting rice, including Viet Nam.