Meanwhile, the average export rice price also increased by 23.6 per cent to $653.9 per tonne.

According to preliminary statistics from the General Department of Customs, in March 2024, Việt Nam's rice exports increased by 99.7 per cent in volume and 90 per cent in turnover compared to February 2024, reaching over 1.12 million tonnes valued at $709.6 million.

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 exports accounted for 46.4 per cent of Việt Nam's total volume and 45.5 per cent of the total value.

The export price to this market reached $641.7 per tonne, up 27.3 per cent compared to the first three months of 2023.

In March 2024, Việt Nam's rice exports increased by 99.7 per cent in volume and 90 per cent in turnover compared to February 2024. — VNA/VNS Photo

Rice exports to Indonesia ranked the second, increasing sharply by 199.7 per cent in volume and 308.8 per cent in revenue to 445,326 tonnes and $285.06 million. The average export price surged by 36.4 per cent to $640 per tonne.

The third largest market was Malaysia with a growth of 28.8 per cent in volume and 60.6 per cent in turnover to reach 98,917 tonnes and $61.55 million, respectively.

In 2024, Việt Nam aims to maintain rice cultivation area of 7.1 million hectares and rice output of over 43 million tonnes, ensuring domestic consumption and export of over eight million tonnes of rice.

The rice exports last year witnessed a breakthrough, with volume reaching 8.1 million tonnes worth $4.7 billion, up 14.4 per cent in volume and 35.3 per cent in value compared to the previous year. This is a record high export for Việt Nam's rice industry.

According to the Ministry of Industry and Trade, as of January 22, 2024, Việt Nam had 161 eligible traders to export rice.

Hồ Chí Minh City is the locality with the most rice exporters, with 36 traders. Followings are Cần Thơ (34 traders), Long An (22), Đồng Tháp (15) and An Giang (14).

Some other localities have only one trader qualified to export rice, including Hà Nam, Hậu Giang, Khánh Hòa, Lạng Sơn and Thanh Hóa.

State reserves department authorises purchases of 220,000 tonnes of rice for 2024

The Government has greenlit a plan to purchase a total of 220,000 tonnes of rice for the year 2024, according to the General Department of State Reserves.

The plan included 22 reserve departments in cities and provinces across the country, who are put in charge of 196 bidding packages to purchase domestically produced, long grain 15 per cent broken rice, milled from the 2024 Spring harvest.

Contractors are to compete in open as well as online bidding sessions this month with a deadline set on May 2.

For bidding packages valued at over VNĐ10 billion, contractors must produce a security deposit of 3 per cent of the package and 1.5 per cent for those valued under the amount. The winners will be announced and published by the national bidding system.

In cases of price fluctuations, local reserve departments are tasked with reporting to the general departments for guidance and instructions to ensure purchase prices will not exceed those regulated by the Ministry of Finance.